Second Coat: a Slowdown in the Housing Market Will Subdue Demand for Painting Services
The rich history of painting is not just a splash of vibrant hues on canvas but an intermingling of artistry and craftsmanship, particularly in residential painting. This distinct genre of painting has always stood apart from other contract paint jobs, such as commercial or industrial painting, due to its emphasis on personalizing spaces and making houses feel like homes. However, the residential painting industry was not left unscathed by the economic aftershocks of COVID, dropping 6.9% in 2023. The housing market freeze following high interest rates caused a significant slowdown in residential painting jobs, as fewer people were buying homes, and those who did were less likely to invest in professional painting services. Overall, painting contractors expanded 1.6% to $24.7 billion from 2018 through 2023, as profit fell to 6.3%.
This industry provides interior and exterior painting services for homes and apartment buildings. Industry operators also provide wall covering services. Contractors may perform new work, additions, alterations, maintenance and repairs.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
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