There isn’t one way to define “normal” in 2020, especially when it comes to home improvement industry trends. 

HIRI's Size of the Home Improvement Products Market is the home improvement industry’s only product focused size of market study providing data back to 1992 with 5 year forecasts for the consumer and professional markets.

HIRI releases two forecast updates every year for HIRI members. Learn more on how to become a HIRI member.

Ask an Economist: Home Improvement’s 2020 Outlook

In 2019, real GDP slowed from 3.1% in the first quarter to 1.9% at the end of Q3. Consumer spending is leading the United States expansion, supported by gains in employment, real wages and household wealth. Economic expansion is expected to continue through 2020, but clear negative forces have the potential to dampen this growth.

A Smart Look at the State of the Smart Home

Whether you’re on a first-name basis with Siri, Alexa or Google, you’ve likely spoken to at least one smart home assistant device in your home or office. According to the 2019 State of the Smart Home report, the United States smart home devices market was worth $10.4 billion in 2018 and is forecasted to exceed $33 billion in 2022.

Home Improvement’s Only Product-Focused Market Size Study

The U.S. Size of Market report, released by the Home Improvement Research Institute (HIRI) in September, is the home improvement industry’s only product-focused market size study. Complete with historical data and five-year forecasts of the consumer and professional markets, it contains both details and big-picture trends from the economic landscape. You’ll learn how current events and policy decisions are projected to affect the home improvement industry.

HIRI/IHS Markit forecast expects 4.1% growth in the home improvement products market in 2019 after a strong 4.6% in 2018.

Total home improvement products sales are expected to increase 4.1% in 2019 to $405 billion in total sales. The Professional Market is expected to increase 4.5% in 2019 over 2018 and the Consumer Market will see a sales increase of 3.9%.

The National Economic Outlook

This guide is your single source for home improvement market trends.

How Canada’s Economic Outlook Impacts the Home Improvement Products Market

Which products are leading sales in the consumer and professional markets?

HIRI/IHS Markit forecast expects 5.5% growth in the home improvement products market in 2019 after a strong 6.2% in 2018.

Total home improvement products sales are expected to increase 5.5% in 2018 to $420 billion in total sales. The Professional Market is expected to increase 6.0% in 2019 over 2018 and the Consumer Market will see a sales increase of 5.3%.

HIRI/IHS Markit forecast expects 5.3% growth in home improvement products market in 2018 after a strong 5.6% in 2017.

Total home improvement products sales are expected to increase 5.3% in 2018 to $387 billion in total sales. The Professional Market is expected to increase 4.4% in 2018 over 2017 and the Consumer Market will see a sales increase of 5.7%.

The National Economic Outlook