The pandemic dealt a devastating blow across most industries. In the past year, hundreds of thousands of businesses had to close their doors to consumers, some for good, to curb the spread of COVID-19. The hospitality industry has seen the number of clients wane as travel between borders was discouraged or outright banned. Many big brands have also folded, filing for bankruptcy after months of steeply declining sales.
A few industries, however, thrived in spite of or because of the restrictions created to fight the ongoing public health crisis. The housing industry, in particular, has been booming as buyers fight over a limited supply of homes across the country. The boost was made possible by the historically low mortgage interest rates, making becoming a homeowner an achievable dream for many Americans.
The boost has also created increased demands in other sectors. Many businesses have had to hire more workers and have a long list of waiting clients who want access to their products and services.
While there have been many closures and challenges across the board, it is not a bad time to open certain businesses during the pandemic. Here are the businesses that are thriving.
There has been an influx in home remodeling and improvement during the pandemic. Because people are spending a lot of time at home, many of them need additional space to move around and do some activities that they used to do at another facility or outdoors.
Work, for example, has been relegated to home which means that a lot of adults need a dedicated space where they can be productive and remain uninterrupted throughout the day. Many households are also cooking more, and it encouraged them to expand and update their kitchen. Those who used to go to a gym eventually started collecting exercising equipment that they store in their own fitness room.
Others purchased a new home during the housing boom of 2020. Moving to a new home is often a reason why people renovate.
Entering a business offering remodeling services has the potential to succeed. The demand is very high, and existing home improvement professionals are already swamped with requests for clients.
Similarly, property conversion and restoration businesses gain from the pandemic. People are spending so much time at home, causing plumbing problems and setting their kitchens on fire. These things led to property damage that needed to be fixed as soon as possible.
The interior of a house is not the only one that gets renovated, especially after a property is newly purchased. The hot housing market is also creating the potential for businesses that specialize in yard maintenance and garden work.
New homeowners will want to spiff the property up and make it truly their own. This involves giving the exterior a makeover, too. Households will go shopping for gardening equipment, including plants, or hire professional landscapers to do the work.
Add to that, the pandemic is also making gardening a popular activity to pass the time, keep a healthy mind and body, and grow fresh produce at home. Even now that many restrictions have been lifted, many adults are still working remotely which grants them extra free time throughout the day to do something they like, including maintaining their garden.
Because of the demand, some stores are even seeing shortages in the yard and gardening supplies and equipment. Even plants have sold out during the pandemic lockdowns as people made an effort to keep their outdoor spaces green and alive.
Yard work also increases in homes that are going up for sale as sellers improve the property to gain the attention of buyers and, potentially, increase its value.
Naturally, the high demand for housing is keeping the construction industry very busy. After being temporarily stalled in the past year due to lockdowns, construction work is once again in full swing. Builders from across the country are ramping up the construction of new homes to meet the demand.
In fact, by March 2021, home building in the U.S. surged to a near 15-year high despite facing multiple challenges such as increasing prices for supplies, delayed shipments because of port congestion and border closures, and shortage of skilled workers. Housing starts earlier this year went up by 19.4 percent, surpassing forecasts.
In particular, single-family housing is in demand as more Millennials leave the renter’s life and finally settle down.
The pandemic presented challenges that made running a profitable business harder in the past year, and it caused many establishments to shut down operations for good. However, it boosted the activity in some industries, including in housing. The real estate industry has been very busy in the past year as more buyers enter the market and snap up available properties.