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Jobber, the leading provider of home service management software, today released the Home Service Economic Report: 2020 Review, which showcases market trends and insights pertaining to the performance of the Home Service category throughout 2020. Although Home Service experienced a significant decline in year-over-year growth in March and April when stay-at-home directives were implemented across the U.S., the category ended the year exceeding pre-pandemic growth levels.
According to the report, median revenue in Home Service saw consistent positive growth beginning in June, and reached a record high for the year in December with 23% growth year-over-year. New work scheduled, an early indicator of the health of Home Service businesses, peaked in June with 17% growth year-over-year, then continued to see consistent positive growth throughout the second half of the year.
"While so many small businesses were sadly forced to close shop in 2020, most Home Service businesses endured," said Sam Pillar, CEO and co-founder of Jobber. "All the major metrics we track for Home Service, including consumer demand, employment and revenue, point to an overall category recovery as we kick off 2021. If 2020 is any indication, service providers are a resilient group that can overcome challenges that may surface in the year ahead."
Jobber's Home Service Economic Reports are compiled using proprietary data aggregated from over 100,000 Home Service professionals that use the platform. That data, along with various sources of government data, are used to assess the performance of the Home Service category, and compare it against other major categories (Restaurants, General Merchandise Stores, Automotive, Clothing Stores, and Grocery Stores). The report also provides insights into key segments such as Cleaning, Contracting, and Green; and looks into industry trends related to technology adoption and how they are affecting Home Service businesses' ability to get work, do work, invoice and get paid.
Key findings from the report include the following:
"When the COVID-19 pandemic hit back in March, we weren't sure how our customers' businesses would perform," said Abheek Dhawan, vice president of business operations at Jobber. "Although service businesses experienced record declines at the onset of the pandemic, they managed to weather the storm rather effectively to end 2020 on a positive note. It's especially promising to see the increase in technology adoption, as it means that not only are service professionals surviving, but also further investing in their businesses. We suspect that the trend towards technology adoption, which has accelerated due to the pandemic, will continue into 2021 and beyond."
To download the Home Service Economic Report: 2020 Retrospective, visit: https://getjobber.com/home-service-reports/january-2021/
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