The Green Industry experienced revenue growth of around 5-10% in the first quarter of 2023, according to the latest Home Service Economic Report: 2023 Q1 edition from Jobber, a provider of operations management software for Home Service businesses. This news bodes well for the Industry as it enters the busy Summer season.
While economic factors and recessions have impacted many industries in Q1 2023, the Home Service category has continued to demonstrate resilience in the face of economic slowdown.
- Staying Steady: Median revenue growth is slowing, but still increased by approximately 3% in March relative to last year, which was a historically high growth year.
- Big Picture: On a two-year compound annual growth rate (CAGR), median revenue grew between 10-20% from Q1 2021 to 2023, which is quite healthy.
For the first time, the report investigates how home service businesses performed during previous economic disruptions to predict future performance. The report found that:
- While home maintenance spending remains stable regardless of the economy, home improvement spending shows higher growth—but with more volatility.
- During economic slowdowns, discretionary spending slows while replacement spending is more resilient in both minor and major recessions.
“While we anticipate “While we anticipate home maintenance spending to remain steady throughout the remainder of this year, home improvement spending may experience more volatility,” said Abheek Dhawan, VP, Business Operations at Jobber. “Despite fluctuating demand, Home Service businesses are adapting to the shifting macroeconomic environment by leveraging increased pricing power in line with inflation to maintain revenue growth. Based on the historical performance during past recessions, we predict that the future for the category will remain positive regardless of economic uncertainties.”
The report features expert insights and proprietary data aggregated from more than 200,000 residential cleaners, landscapers, HVAC technicians, electricians, plumbers, and more, who use Jobber. To read or download the Jobber Home Service Economic Report: 2023 Q1 edition, visit: https://getjobber.com/home-service-reports/may-2023
For personal Q&A insights on how landscapers and Green Industry professionals have achieved success, see Turf’s Yardstick profile in every magazine issue: