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Jobber, a leading provider of operations management software for home service businesses, today released its latest Home Service Economic Report: 2023 Q1 edition. 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.
"While no sector has been immune to the recent global economic turmoil, the past and present performance of businesses across Home Service demonstrates their ability to rapidly adjust and maintain positive revenue growth," said Sam Pillar, CEO and co-founder of Jobber. "Since many of these businesses provide essential services, they are far less impacted by market conditions. The future outlook for this sector remains bright."
Predicting Future Performance
Recessions and economic slowdowns impact industries differently. For the first time, the report investigates how home service businesses performed during previous economic disruptions to predict future performance. The report found that:
Defying Global Market Conditions
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.
Revenues Continue to Rise
Q1 2022 experienced exceptionally strong growth in year-over-year revenue, with a 20-30% jump as the economy continued to rebound from the pandemic. Even when compared to this phenomenal quarter, Home Service businesses across all segments — green, cleaning, contracting, and construction — in Q1 2023 have successfully maintained positive year-over-year revenue growth.
"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, vice president of 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."
To read or download the Jobber Home Service Economic Report: 2023 Q1 edition, visit: https://getjobber.com/home-service-reports/may-2023.