HIRI shares forecast for home improvement products
The Home Improvement Research Institute (HIRI) has updated its U.S. Home Improvement Products Market Forecast, which reveals a mixed bag for the U.S. home improvement products market through 2028.
According to HIRI, the total market is expected to shrink by just 0.1 percent this year, on the heels of a 1.6 percent decline in 2023, with an estimated total sales of $545 billion for 2024. However, HIRI believes a recovery is near, with market growth projected to rebound by 3.9 percent in 2025.
Key findings and takeaways from HIRI are below.
- Consumer market: Sales are anticipated to dip by 0.2 percent in 2024 but rise by 4.2 percent in 2025.
- Professional market: Sales are forecasted to grow by 0.1 percent in 2024, followed by a 3.2 percent jump in 2025.
- Regional trends: Growth will vary across U.S. regions, with stronger performance expected in the South and West.
Despite the current slowdown, HIRI projects average annual growth rates of 4.2 percent for the consumer market and 4 percent for the professional market from 2026 to 2028.
The U.S. Home Improvement Products Market Forecast also identifies projections for the top 10 fastest-growing merchandise lines – for consumers and professionals based on projected CAGR in 2025 – 2028.
Top 10 fastest-growing merchandise lines for consumers
- Soft-surface floor coverings
- Hard-surface floor coverings
- Lawn and garden equipment and supplies
- Other building materials
- Dimensional lumber and boards
- Roofing materials and supplies
- Kitchen and bath cabinets
- Doors and moldings
- Paint and preservatives
- Nursery stock and soil treatments
Top 10 fastest-growing merchandise lines for professionals
- Major household appliances
- Hardware
- Tools
- Gypsum and specialty boards
- Dimensional lumber and boards
- Plywood and related products
- Insulation and weatherproofing
- Plumbing supplies
- Electrical supplies
- Other building materials
