Remodeling is local. While some markets are starting to see positive growth coming out of the Great Recession, others continue to struggle.
This year’s Market Leaders are no different. There are places like Boston where the top companies saw solid upticks in business in 2010. And then there are metro areas like Phoenix where, despite rising home sales, plummeting home prices have kept remodeling activity severely depressed.
The annual Market Leaders list, which identifies the largest remodelers in 19 top remodeling markets, was compiled through a combination of research by Professional Remodeler staff and information provided by the listed companies.
Slowdown in 2010
Overall, the installed volume of those on the list continues to decline. The median installed remodeling volume of this year’s Market Leaders was $3.7 million. That’s down 12 percent from last year’s $4.2 million and a decline of nearly 45 percent from the $6.7 million median in the peak year of 2007.
About 51 percent of companies reported their revenue was up last year and about 46 percent reported it was down. That’s consistent with our survey of the remodeling market as a whole, which found that 51 percent of all remodelers said business was down in 2010 as well. Unfortunately, those companies that experienced a downturn in business tended to have much steeper declines than the increases that the other companies had in 2010, pushing that median installed volume to its lowest point in the history of the Market Leaders list
The Market Leaders are very optimistic about 2011, though, with 84 percent of companies projecting an increase in business this year from 2010. Only 16 percent expect to see business decrease in 2011.
Click on the cities below to see the companies and key info for each market.