Home Service Industry Outperforming Economy

The Canadian home service industry is showing positive signs of continued growth and resilience and is outperforming the broader economy, says data from Jobber, a provider of operations management software for home service businesses. The data says this industry, which includes cleaners, landscapers, HVAC technicians, electricians, and plumbers, provides essential services that will continue to be in demand, even during tough economic conditions. As a result, it is attracting a steady pipeline of new entrepreneurs and individuals seeking to build careers within the category. New business formation applications in home service industries remain strong, with the volume of applications across contracting, green, and cleaning, sustaining high levels set in 2020. Consumer demand also continues to remain strong and will likely continue throughout 2023. Median revenue for service providers increased throughout 2021 and 2022, driven by higher invoice values. Similar trends have taken place during the first several months of 2023 and are expected to continue for the rest of the year. Jobber says the continuing stabilization of the supply chain this year will support this growth.