Residential Home Services Industry Report - Q3 2024
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Our Residential Home Services Industry Report provides an overview of key trends and developments affecting the industry. This quarterly update covers market performance, economic indicators, and emerging opportunities.
Below are the highlights from the full report. Click the link to download the complete analysis.
Market Dynamics & Outlook
The Fed’s September 2024 rate cut has sparked optimism for home services by lowering borrowing costs. While inflation is cooling, the effect on the sector has been modest due to continued labor shortages in skilled trades in residential home services.
Private equity interest drove continued consolidation, targeting companies with strong recurring revenue models, particularly in home security and environmental services.
Rising adoption of smart home technology and IoT solutions is creating scalable opportunities in home services, particularly for security and HVACautomation.
Government incentives for energy-efficient home upgrades fueled increased demand for insulation, HVAC, and solar installations, aligning with consumer interest in reducing energy costs.
Skilled labor shortages are expected to persist through the remainder of 2024, maintaining enhanced pricing power for firms with access to specialized labor.
The sector is projected to maintain steady growth as economic conditions stabilize and private investment continues to flow into home services.
