“Happy days are here again” is an old song, but that refrain is definitely apropos for CE Pro 100 integrators following a strong 2017.
How happy are they? Well, our list shows the highest revenue custom installation companies in the U.S. reported a healthy $3.5 billion in revenues in 2017.
There's even more good news:
Consumer confidence is just below the 17-year high it hit in November of 2017.
New home contruction has continued to rise, with the National Association of Home Builders predicting 1.33 million starts in 2018 (a 9 percent increase), with single-family home starts predicted to rise 4 percent.
Home remodeling spending is expected to rise 7.5 percent this year, according to Harvard’s Joint Center for Housing Studies. Homeowners are expected to spend $340 billion on home upgrades, the strongest figure in more than a decade.
The stock market is showing volatility, but still sits at 23,600 (at press time), about 13 percent higher than it was one year ago. The new Tax Cuts and Jobs Act of 2017 appears to have freed up even more expendable income in consumers’ pockets, along with massive potential tax breaks for businesses.
And in some unexpectedly good news, Millennials are starting to buy homes. NAHB reports strong increase in home purchases by the massive Millennials generation. A recent report cited the Millennials generation as the fastest-growing group of new home buyers.
The result of this strong economy is a healthy 8 percent increase in median custom revenues among CE Pro 100 integration companies in 2017.
Check out the CE Pro 100 list of 2018 to see the highest revenue custom installation companies of the year.