Fix It or List It: DEWALT® Survey Finds Over Two-thirds of Charlotte Homeowners Consider Renovations as an Alternative to Buying

- Contractor Skills in Hot Demand: Of those who have been in touch with a professional contractor, over half must wait at least three months for the work to start

- $5-Year, $25M Skilled Trades Commitment: Beginning Oct. 1, nonprofits working to solve the skilled trade shortage can apply for Empower Makers Global Impact Challenge grants

News provided by

Stanley Black & Decker

Oct 05, 2021, 09:03 ET

CHARLOTTE, N.C., Oct. 5, 2021 /PRNewswire/ -- A new survey from DEWALT and the world's largest tool and storage company, Stanley Black & Decker, found that Charlotte's home improvement demand is anticipated to stay hot. The DEWALT survey, which examined homeowners' renovation plans, their experiences working with contractors, as well as their perceptions of the value that contractors bring to the work, found that over two-thirds of Charlotte homeowners are planning or considering a home renovation project before the end of the year.

The tight housing market is contributing to this demand, with more than half of Charlotte homeowners (54%) considering home renovations as an alternative to buying a new home.

"Charlotte, along with many other cities across the US, is experiencing a home renovation surge," said Maria Ford, President of Commercial Construction at Stanley Black & Decker. "As homeowners take on more advanced projects that go beyond the average DIYers talents, they are more and more turning to a professional. That rise in demand is revealing a critical need for more skilled trade pros, especially in areas like electrical, plumbing, HVAC and welding."

The home renovation surge is creating intense demand for contractors, but according to both homeowners and industry experts, supply is limited. Most homeowners (78%) are planning or considering using a professional home contractor for their project, but of those who have reached out to a contractor, more than half (54%) must wait at least three months for the work to start. The wait time should come as no surprise as there are 430,000 open construction jobs in the U.S.¹

What's Driving Contractor Demand in Charlotte?
The most common home renovation projects that Charlotte homeowners are considering include bathroom remodels (40%), kitchen remodels (38%), porch/patio/deck makeovers (30%), bedroom remodels (23%) and landscaping (23%). In Charlotte, skilled contractors are highest in-demand for plumbing (52%), electrical work (49%), flooring (48%), structural work (43%), cabinetry (40%) and window installation (40%).

When it comes to selecting a contractor, homeowners prioritize price (61%), followed by being licensed (56%) and professionalism (53%). Most homeowners (62%) rely on word of mouth to find their contractor, with only 37% of homeowners browsing online.

Homeowners Appreciate the Value of the Skilled Trades
The immense effort put forth by trade skills professionals has not gone unnoticed by Charlotte homeowners. Homeowners said they appreciated contractors - they recognized their expertise (53%), they valued the ability to hire someone else to do the work (46%), and overall, they were satisfied with the complete project (44%). Beyond appreciation of the expertise, there has also been a broader understanding of the value of a skilled trade career - more than 6 in 10 homeowners in Charlotte believe their child could make a good living as a professional home contractor.

"Careers in skilled trades are stable, well-paying options for individuals and Stanley Black & Decker is committed to bridging the trade skills gap issue as part of our corporate social responsibility strategy, which aims to help 10 million people gain the skills necessary to secure jobs and revitalize communities by 2030," said Ford.

The average cost of a trade school program is almost a fourth the cost of an average four-year college degree ($33,000 vs. $127,000).² Trade skills jobs not only offers job security due to high demand but can also be financially rewarding. For example, plumbers earn an annual median wage of $55,000, while electricians earn an annual median wage of $56,180.³

Solutions for Skilled Trade Shortage
There is a significant need for skilled trade workers in Charlotte and around the world. To help address the issue, Stanley Black & Decker works to empower makers through upskilling, promoting vocational training, increasing access to makerspaces, and training and fostering Science, Technology, Engineering, Arts and Math (STEAM) education.

To further support this mission, Stanley Black & Decker launched the "Empower Makers" Global Impact Challenge, a 5-year, up to $25 million commitment to fund vocational skills training and reskilling programs in the construction and manufacturing sectors. Beginning Oct. 1, nonprofits around the globe can apply for The Global Impact Challenge, which is expected to skill and reskill up to 3 million makers over the next five years. To apply or to learn more about Stanley Black & Decker's Global Impact Challenge, visit EmpowerMakers.com.

Survey Methodology
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 Charlotte, TN [251]. 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.

About DEWALT®
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 56,000 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 "CONSTRUCTION SPENDING AND EMPLOYMENT: History and Forecast Terms and Sources," Associated Builders and Contractors. https://www.abc.org/Portals/1/News%20Releases/explainer-2021.pdf?ver=2021-03-23-162431-727
² Community for Accredited Online Schools
³ Data from CareerOneStop, a platform sponsored by the U.S. Department of Labor

SOURCE Stanley Black & Decker