If you’re considering investing in a franchise that focuses on services such as water removal, biohazard cleanup and reconstruction, you want to ensure there’s enough work to go around. But how big is the restoration industry? The sector is worth about $210 billion, a number that’s projected to rise because of the intensity and frequency of natural disasters.
The restoration industry is not only large, but also recession resistant. The economic climate doesn’t affect this type of enterprise—PuroClean services are always in demand. Plus, as a property restoration franchise owner, you get to follow a model that has demonstrated profitability as a valuable investment for business professionals and entrepreneurs.
Water Damage Restoration Industry Statistics
Current restoration industry statistics highlight the widespread occurrence of water damage and affirm the consistent need for professionals like “The Paramedics of Property Damage®” to rectify these situations. For example, around 14.6 million homes in the United States face the threat of flooding. About 14,000 people can be impacted daily by home water damage emergencies. In addition, yearly expenses for household water damage reach as high as $20 billion.
Expenses related to water damage claims have also experienced significant growth. Instances of water damage claims surpassing $500,000 have doubled since 2015, while claims exceeding $1 million have tripled within the same period.
While not all water damage is severe, even a minor leak can lead to substantial waste and costly repairs. Around ten percent of homes with leaks lose 90 gallons of water daily. A leaky faucet alone can shed 3,000 gallons of water annually. Yearly water loss from a typical household leak equates to 600 showers or 270 laundry loads.
Of course, all that water must go somewhere. Just one inch of water on the floor of a small home can add up to more than $11,000 in expenses.
Recession Resistant Franchises in the Restoration Industry
With the frequency of property damage incidents, PuroClean’s recession-resistant franchise emerges as an exceptionally secure investment prospect. Recent research indicates about 500,000 structural fires occur annually, and around 70% impact residential properties. Moreover, nearly 4.2 million homes—valued at $1.1 trillion—face potential flooding damage from hurricane storm surges.
Also, with a growing number of aging homes nationwide, vulnerability to malfunctions and deterioration is rising. The second leading trigger of homeowner insurance claims is non-weather-related water damage. Primary culprits include water pipes, plumbing drains, toilets, water heaters and washing machines.
The demand for swift, well-informed and comprehensive property damage repair and restoration remains steadfast, solidifying our franchise as recession-resistant and an increasingly attractive choice for savvy investors who want to offer recession proof jobs.
How Profitable is Owning a Franchise in the Restoration Industry?
The profitability of a PuroClean franchise stems from the ability of our owners to harness diverse revenue streams through the range of services they provide, which include the following:
- Fire and smoke damage restoration
- Reconstruction services
- Air duct and vent cleaning
- Tile and grout cleaning
- Water damage restoration
- Mold removal
- Biohazard cleanup services
- Commercial services
Acquiring a PuroClean franchise is akin to obtaining a pre-built business equipped with a recognized brand name and proven business procedures. Some advantages of our franchise business model include immediate brand recognition, continuous training and assistance, entry to an existing customer base and support for marketing and advertising efforts.
So, how big is the restoration industry? Contact us today to discuss the potential of working in this field and exploring a PuroClean property restoration franchise opportunity in your community. You can also download a free franchise information kit to learn more.