Who Are NAHB’s Remodeler Members?
In the latest 2023 NAHB member census, 21% of NAHB builder members listed residential remodeling as their primary business.
These remodelers tend to be relatively small, with a median of five employees and a median annual revenue of $1.8 million, compared with NAHB builder members overall, who had a median of six employees and median annual revenue of $3.4 million.
The median annual revenue for residential remodelers in 2023 was considerably below the median calculated across all NAHB builder members and a small fraction of the $45 million threshold the Small Business Administration uses to classify construction businesses as small. Even so, residential remodelers’ median revenue was up from the $1.2 million recorded in 2022.
The median number of payroll employees was unchanged from 2022.
The NAHB census also asked builder members who are primarily or secondarily residential remodelers about the number of remodeling jobs they completed in 2023 costing $10,000 or more. The average number was 20, and the median number was 7. But the numbers are significantly higher if the calculations are confined to NAHB builder members who list residential remodeling specifically as their primary activity, with an average of 32 and a median of 15.
Paul Emrath, vice president for survey and housing policy research, provides additional details in this Eye on Housing post.
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