NASVHILLE, Tenn., June 15, 2021 /PRNewswire/ — A new survey from DEWALT, part of the world’s largest tool company Stanley Black & Decker, found that Nashville’s home improvement demand is expected to stay hot through the rest of 2021, with more than seven in 10 local homeowners planning on or considering a home renovation project in the next six months. The survey examined Nashville homeowners’ home renovation plans, their experiences working with contractors, and their perceptions of the value that contractors bring to the work.
The tight housing market is contributing to this demand, with more than half of Nashville homeowners (51%) considering home renovations as an alternative to buying a new home given the state of the market.
“Nashville, like many cities across the U.S., is experiencing a home renovation surge, and as homeowners turn to professionals to complete more advanced projects, the rise in demand is revealing a critical need for more skilled talent,” said Maria Ford, President of Commercial Construction at Stanley Black & Decker. “This commercial boom emerging in mid-sized cities across the U.S. demonstrates how critical it is to expand the skilled trade talent pool, particularly for electrical, plumbing, HVAC, welding, and other similar skills.”
The home renovation surge is creating intense demand for contractors, but according to homeowners, supply is limited. Most homeowners (78%) are planning on or considering using a professional home contractor for their project, but of those who have reached out to a contractor, more than half (52%) must wait at least three months for the work to start.
What’s Driving Contractor Demand in Nashville?
The most common home renovation projects that Nashville homeowners are considering include bathroom remodels (37%), kitchen remodels (33%), porch/patio/deck makeovers (32%), bedroom remodels (19%) and landscaping (16%).
Contractors are needed most for electrical work (49%), plumbing (47%), structural work (37%), HVAC (37%), and flooring (37%) – all skills that are required for most of the top projects.
When it comes to selecting a contractor, homeowners prioritize price (66%) in deciding on who to work with, followed by being licensed (56%). Most homeowners (56%) rely on word of mouth to find their contractor, with only 35% of homeowners using online search.
Homeowners Appreciate the Value of the Skilled Trades
Nashville homeowners shared their appreciation for contractors in the survey. Top reasons for the appreciation of their skills include recognition of their expertise (51%), not having to do the work themselves (50%) and overall project satisfaction (40%).
This appreciation is also driving a broader understanding of the value of a skilled trade career. In fact, more than 6 in 10 homeowners in Nashville believe their child could make a good living as a professional home contractor.
“These are excellent and well-paying career paths for individuals looking for a post-pandemic role, and Stanley Black & Decker is committed to solving this issue as part of our corporate social responsibility strategy, which aims to help 10 million people gain the skills needed to secure jobs and revitalize communities by 2030,” said Ford.
The average cost of a trade school program is nearly four times less than the cost of an average four-year college degree ($33,000 vs. $127,000)1. For example, plumbers make an annual median wage of $55,000, while electricians make an annual median wage of $56,1802.
Solutions for Skilled Trade Shortage
There is a significant need for more skilled trade workers.
“In Tennessee, the construction industry represents nearly 130,000 jobs,” said Commissioner Jeff McCord from the Tennessee Department of Labor and Workforce Development. “The ability to hire and train men and women to fill these jobs is vitally important to the continued growth in cities like Nashville, and across our state.”
To help address the issue, Stanley Black & Decker is continuing its commitment to supporting the next generation of skilled professionals by announcing a donation of $50,000 to nonprofits in Nashville. In particular, the company is partnering with the Association of Builders and Contractors (ABC) of Greater Tennessee to help with workforce and business development opportunities such as their Emerging Leaders program and apprentice training initiative.
To create more awareness of the skilled labor shortage in Nashville’s construction industry and potential solutions, Stanley Black & Decker has also partnered with the Nashville Business Journal to facilitate a panel discussion featuring opening remarks by Dr. Jeff McCord, Commissioner for the Tennessee Department of Labor and Workforce Development. The panel discussion will be available on the Nashville Business Journal’s website on Friday, June 25.
DEWALT commissioned Atomik Research to run an online survey of 2,516 homeowners in the United States, 1,005 of whom represented a national survey, while additional oversampling took place in Nashville, TN . The margin of error for the national quota is +/- 3 percent, reported at a 95 percent confidence level. The fieldwork took place between May 21-30, 2021. Atomik Research is an independent creative market research agency.
DEWALT is obsessed with how users work in the real world and is relentlessly pursuing total jobsite solutions. By incorporating its latest technology and industry innovations, DEWALT is leading the charge for the jobsite of the future. DEWALT products. GUARANTEED TOUGH®. For more information, visit www.dewalt.com or follow DEWALT on Facebook, Twitter, Instagram, and LinkedIn.
About Stanley Black & Decker
Stanley Black & Decker, an S&P 500 company, is a leading $14.5 billion global diversified industrial with 53,000 employees in more than 60 countries who make the tools, products and solutions to deliver on its Purpose, For Those Who Make The World. The Company operates the world’s largest tools and storage business featuring iconic brands such as DEWALT, STANLEY, BLACK+DECKER and CRAFTSMAN; the world’s second largest commercial electronic security company; and is a global industrial leader of highly engineered solutions within its engineered fastening and infrastructure businesses. Learn more at www.stanleyblackanddecker.com.
1 Community for Accredited Online Schools
2 Data from CareerOneStop, a platform sponsored by the U.S. Department of Labor
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SOURCE Stanley Black & Decker