Nov 10, 2022
Home Service Category Remains Resilient
Although the economy has slowed down across many categories in the third quarter of 2022, the impact on the home service industry has not been as significant. In fact, there are numerous positive signals that demonstrate resilience in the category, says operations management software company Jobber in its report, ‘Home Service Economic Report: Q3 2022 Edition.’ It shows that spending on home services has been strong and was second only to restaurants in the third quarter, outperforming other major categories including automotive, grocery, and clothing. Although 2022 isn't seeing the same ultra-high growth rates as last year, most of 2022 has still had healthy median revenue growth rates of seven to 10 per cent year over year. Cleaning businesses, which include residential cleaning and pressure washing, experienced year-over-year revenue growth of five to seven per cent. The green segment, consisting of lawn care, landscaping, and outdoor services, experienced a decline in new work scheduled in the third quarter – while median revenue growth was around seven to eight per cent the quarter. Contracting, made up of construction contractors, plumbers, and electricians, experienced the biggest impact to new work being scheduled in the quarter and median revenue grew six to eight per cent compared to last year.
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