PPN Admin | February 19, 2021
I think we can all agree that last year was completely crazy but 2021 is looking like it’s gonna be pretty eventful as well. So what are the trends that are likely to dominate this year? Seeing as the world hasn’t ended and probably wont for the foreseeable future (knock on wood) we believe most paint contractors in 2021 should continue to keep the focus on their business and their foot on the gas. While it’s probable there will be some twists and turns throughout the year it’s looking like another standout year for paint contractors across the country. So let’s take a look at the events we’ve identified as being the most important for painters to keep an eye on.
Currently the American home buying market could only be described as absolutely scorching with demand projected to reach or surpass 10 year highs (depending on your local market). In general people are being driven in droves into purchasing real estate for many reasons including pandemic fears, proliferation of work from home, or people attempting to shore up their finances. Regardless, it’s highly unlikely this trend will see much of a slowdown this year. Consequently the demand for home contracting services is expected to be well above average for most of the year. The lack of inventory is creating a boom in home construction and the rapid movement of property between private individuals will result in a similar increase in home renovations. This will likely peak in the Spring and Summer this year as things warm up and new homeowners start to seek out contracting services.
With the United States government widely expected to approve additional stimulus funds it’s likely consumers will have more cash to spend as early as March. More money equals more consumer spending so this could lead to a noticeable uptick in people seeking out paint contractors and paint contracting services in 2021. However, the situation still remains fluid, and there are a number of factors that could enhance or decrease consumer demand depending on how thing’s play out. Congress is currently engaged in negotiations on income requirements to qualify for these funds and homeowners might not make the cut this time. Current proposals span everything from $50,000 to $75,000 a year for individuals and $125,000 to $150,000 for couples. Depending on how this shakes out there could be a significant chunk of property owners that end up missing out. That said, it’s unlikely that Congress will settle on the most severe limits so it’s likely consumers will have more cash to spend on paint contracting.
As everyone is probably aware vaccination programs across the globe are finally in full-swing. This process is expected to take a majority of the year to complete so it’s probable we should see extremely similar rates of elevated demand in paint contractors and paint contracting in 2021 similar to the ones we saw last year. We expect this year to be yet another record smasher as people continue to remain in lockdown with a final easing toward the end of summer. As such it’s unlikely the uptick in contracting work will really begin to decline until after the completion of the painting season and the arrival of fall. Job losses and the economic downturn finally taking effect could finally depress consumer spending but the warning signs haven’t yet materialized. Expect a huge boom of paint contracting work once spring finally kicks off as the hot house market clearly shows people still have plenty of money to spend.
While it’s possible that consumers could be dissuaded from spending on home improvement projects we fully believe that 2021 will be another huge year for paint contracting companies all across the country, surpassing even the frenzied levels seen in 2020. Expect spring to kick off in a big way as people, flush with cash from the government stimulus, look to build the value of their property egged on by skyrocketing home prices. Home contracting and paint contracting services should continue to be an extremely attractive investment for homeowners across the country. The strength of the real estate market should also result in plenty of new home construction projects so expect to see sustained high levels of revenue until the latter half of the year.
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