IBIS World indicates that as of February 2017 the garage door manufacturing industry totaled $4 billion across the United States. Demand from 2012 to 2017 grew at 6.6% with future prospects looking promising.
Comparatively, the United States Gross Domestic Product grew at an annualized rate of around 2.0% over the same period. The number of housing starts, demand from commercial building construction, and continued demand for remodeling are all forecasted to increase. Additionally, raw material prices (e.g. steel and wood) will be more stable, improving industry profit margins.
More Options for Customers
Garage door service companies benefit from the continuing expansion of garage door manufacturing by being able to offer expanded options to customers and assisting builders with the next generation of homes.
IBIS World further indicates that the garage door installation companies stand poised to grow as well. Improved housing and continued demand from home improvement projects will drive revenue and growth. New housing will be the predominant drive. IBIS indicates that annualized growth included 1.4% from the 2012 to 2017 time period on total industry revenues of $422 million.
Garage door installation industry operators install garage doors and garage openers, provide maintenance and repair services for garage doors and remove existing garage doors and opener mechanisms. The garage door installation industry typically experiences improvement in revenue due to increased consumer spending, residential investment and commercial building activity. A five year lookback indicates that spending on residential improvements and construction has grown at an annualized rate of 6.0%. When consumer confidence began to return following the economic downturn, spending on garage door installation services will improve as consumers replace garage doors. Consumers will continue to use industry operators for their repair and maintenance services.
Garage Doors Are in Demand
The United States Census reports that garages continue to be in demand. In 2015, 648,000 single family houses were built. Of those 91% had at least a one car garage. 61% had a two car garage and 24% had a three car garage. Nationally, new construction has continued to favor the construction of a garage. Since 1993 the total new home percentage with garages has increased from 84% to the 91% today. Garage doors are definitely in demand and will continue to be requested.
Garage door manufacturers typically work with installers and service providers to distribute their product across the country. Today major garage door manufacturer’s include: Martin Door, Amarr, Wayne Dalton, and Clopay. When choosing a garage door for your home, it is best to go with an installation company that has strong relationships with multiple manufacturers that can show you the pros and cons for each of those manufacturers.
Accent Garage Doors is one such garage door sales, service, and installation company. Accent Garage Doors enjoys 24 years of premier and unparalleled service across the Wasatch Front. From South Ogden to South Jordan, Layton to Lehi, and Orem to Ogden, Accent Garage Doors stands ready to help you. Accent Garage Doors does all things garage doors. Give us a call for more information.
When you think garage doors, think Accent Garage Doors.