October 24, 2022 at 6:00 a.m.
By Cass Jacoby.
Can’t miss insights from Angi’s second annual economy report.
Are you ready to feed your brain and your belly this lunch hour? Great! Because the latest Lunch & Learn is here! This educational series from RoofersCoffeeShop® is designed to bring easily digestible learning opportunities to the roofing industry, via a quick video you can finish over a lunch break. A series for anyone and everyone in the industry, grab your lunch, a coworker and get ready to Lunch & Learn.
In this economically based Episode 8 of the Lunch & Learn, Angi’s Chief Economist Mischa Fisher and Heidi J. Ellsworth talk about Angi’s recently released The Economy of Everything Home Report. This report has some of the most comprehensive and up-to-date estimates of the total addressable market (TAM) for home services in the U.S.
“I spend a lot of time thinking about what’s going on in the home service market,” says Mischa. “My entire role is to understand these things and then push them out and make them available to everybody else so that we have high-quality data for everybody to absorb and to learn from and to make better business decisions based off of it.”
This Lunch & Learn will go over three main learning objectives:
1 – Market fundamentals that shape the industry.
2 – The size of the home service market.
3 – What to expect for the future of the industry.
The market grew about 10% this year, half of what it grew last year, which means for most of us, it feels like a dramatic decline in terms of overall demand and sizing, Mischa shares. “That’s just unprecedented levels of growth in the market. But that shouldn’t be confused with the market shrinking. The growth rate halved, but the market still grew by 10%, which is still a lot,” says Mischa. “We’re calling this a market renormalization, and I actually think it’s kind of a good thing because 20% was not sustainable. People couldn’t keep up to it, people couldn’t recruit, they couldn’t build, they couldn’t get products to market.”
Mischa emphasizes the importance of healthy growth within your business, one that is predictable and sustainable. The biggest takeaway is that the overall market grew from about 595 billion last year to about 657 billion this year. He also forecasts further growth in the market due to supply shortages, rising input prices, low interest rates, home equity gains, demographic trends and digital migration.
You won’t want to miss Mischa’s insights for the roofing community from this second annual report! So grab your lunch and watch the newest Lunch & Learn! Be sure to take a photo of your team enjoying this webinar and submit your photo or email it to us and you could win a pizza lunch on us!
Be sure to download your discussion sheet so you can take notes throughout the Lunch & Learn, and be able to have a great discussion on how you can implement what you learn within your everyday business.
Cass works as a reporter/writer for RoofersCoffeeShop, AskARoofer and MetalCoffeeShop. When she isn’t writing about roofs, she is putting her Master degree to work writing about movies and dancing with her plants.