The sectors hardest hit by the Great Recession were financial services and construction. 1.5 million construction workers lost their jobs. 50% of remodeling companies were out of business by 2012.
A 2014 study indicated that among the most recession-proof industries were cleaning and repair. Restoration is non-discretionary and is therefore resilient during economic downturns.
My Colorado company grew at an average annual growth rate of 50% between 2008 – 2012. That same year Forbes Magazine featured an article on my company titled, “One Construction Industry Not in Recession,” as a reference to the insurance damage and repair industry.
What does this mean for your business? The impact of the coronavirus, though potentially devastating to economies, markets, and businesses, is unlikely to spoil the resilience of our cleaning and repair industry.
The construction worker’s job market is tight, but this could all change in a Coronavirus pandemic. If the construction and residential remodeling industries are hit with a similar toll to 2008, many workers will be looking to the restorer for work.
If you have thought about getting into the rebuild side of restoration, this may be the best entry point you will ever have.