Building Maintenance Services forecasts to 2011 and 2016
Released on = April 20, 2007, 9:28 pm
Press Release Author = Bharat Book Bureau
Industry = Marketing
Press Release Summary = Revenues for US market to approach $95 billion in 2011
Revenues for building maintenance services (performed on a contract-basis only) are forecast to advance 5.6 percent per year to nearly $95 billion in 2011. Growth will be aided by ongoing growth in both the number of households and the number of business establishments. The shift away from "do-it-yourself" to "do-it-for-me" in terms of building maintenance will also continue, particularly in the residential market.
Press Release Body = Building Maintenance Services forecasts to 2011 & 2016
Revenues for US market to approach $95 billion in 2011
Revenues for building maintenance services (performed on a contract-basis only) are forecast to advance 5.6 percent per year to nearly $95 billion in 2011. Growth will be aided by ongoing growth in both the number of households and the number of business establishments. The shift away from "do-it-yourself" to "do-it-for-me" in terms of building maintenance will also continue, particularly in the residential market. Changes in demographics will support increasing building maintenance service revenues, as the number of dual-income households rises and the US population ages. Landscaping accounted for nearly threequarters of building maintenance service revenues in 2006, in part because of the availability of landscaping services at a variety of frequency and price levels. Through 2011, this market is expected to post gains that mirror the national building maintenance service industry average. Services such as swimming pool maintenance and cleaning, exterior building maintenance and cleaning, and building systems maintenance and cleaning will see faster growth over the forecast period as these services become more widely available at various price levels.
Residential market growth to outpace nonresidential
In 2006, the nonresidential market accounted for nearly 40 percent of total building maintenance service revenues. All nonresidential markets will continue to benefit from the trend toward the outsourcing of noncore business activities. However, many businesses and other nonresidential facilities, in particular small businesses and individual proprietorships, will continue to use in-house building maintenance personnel, limiting revenue gains. While many homeowners also still perform standard home maintenance themselves, an increasing number of households (e.g., dual-income families and aging homeowners) are beginning to hire building maintenance service firms. As a result, growth in residential market revenues is expected to outpace its nonresidential counterpart.
South region to remain largest US market
The South is the largest regional market for building maintenance services with 36 percent of total revenues in 2006. The South and West, however, are forecast to see the fastest gains through 2011 among the four US regions, as they will continue to benefit from relatively strong population and economic growth, as well as from gains in total nonresidential floor space and local housing stock sizes. The Northeast and Midwest will post growth below the US industry average, restrained by slower economic and population gains as well as by more modest nonresidential floor space and housing stock growth.
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