Growing Restoration Industry
Whether caused by a natural disaster or a human error, water and fire damage can happen year-round. The global restoration industry is estimated to be worth approximately $210 billion and the demand for restoration services is growing. In the U.S. alone, the disaster restoration industry is projected to be $80B and will grow 6.8% annually from now until 2025. With extreme weather and natural disasters on the rise, this segment of the home services market is predicted to continue to boom.
Facts about the U.S. Disaster Restoration Industry
Restoration companies clean, repair, and restore damaged homes and buildings after floods, burst pipes, mold, wildfires, home fires, and more. Lightspeed handles both residential and commercial properties, but homes account for the most business—making the home services industry a strong investment. Water damage restoration is the most profitable, followed by mold and fire damage.
The average cost for a home water damage restoration incident is almost $12,000. Every day around 14,000 home and business owners deal with water damage. 98% of U.S. basements are likely to have water damage. Almost 50% of all home insurance claims are due to water or fire damage. Restoration companies get business through customer referrals, insurance companies, and social media.
Common Restoration Industry Services
- Standing water & sewage cleanup
- Water removal
- Mold removal
- Carpet drying or removal
- Fire and smoke damage cleanup
- Debris removal (trash, furniture, belongs, damaged materials)
- Storm and natural disaster cleanup
- Clean up & sanitization
Few things cause more damage—or stress—than a water or fire emergency. There is no time to lose as excess moisture can destroy walls, flooring, and furnishings. If left unresolved, fire damage can cause safety and air quality issues. Property owners depend on responsive, highly-trained restoration experts to get everything back to normal as quickly as possible.
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