There are 7000 companies operating in 13,900 locations across the nation under an industry. The number of jobs created directly is 186,722 and indirectly 482,081. It pays taxes of approx. 9.42 billion dollars and makes a profit (including self-storage industry) of more than $ 36 billion. The experts at pricingvanlines.com report that the year will be great for the moving industry.
The self-storage industry highly depends on this. Do you know that there are more self-storage units than McDonalds and Starbucks combined in the USA? Are you wondering which industry I am talking about? Are you wondering which is this promising industry?
Can you guess it? It’s the moving industry. Many people don’t know the scope and realize the potential of this industry. It’s good to hear that the moving industry has done well in the past but what about the future. During coronavirus, most of the industries are in trouble. Is it the same for the moving industry or not?
Let’s explore these questions and much more
Are People Still Moving?
The answer to this question is yes. If we see the stats between March 2024 and February 2024, we see across us then it’s just 3% of the population which is historically low. Is it bad? Well, not that much bad as it looks.
Some of America’s most populated and most expensive cities are facing some high moving trends which go up to double digits. Moving is not stopped but where people are moving is definitely changed.
Most of the moves are local and interstate. According to recent research, 84% of people moved within the same metro region, 6% moved to the top metro areas, 7.5% moved within the state and only 0.28% of the people moved out of the state.
As you would have noticed, most of the people are moving within the same state and not going too far. It’s the trend nowadays.
Why are People Moving in Such Patterns?
The offices are shut. People are being laid off. If you are talented or lucky enough then you are working remotely. In this situation of economic distress and downturn, it’s not a bad idea to move to some cheaper place as you are working remotely. People are also smart enough to identify the opportunity and act on it.
According to the recent research, (Note: this report is of before hitting of coronavirus) out of the total movers, 17.4% of the people move because of desire for better home or apartment, 10.8% of the people move because of job related reason, 8.2% of the people move for cheaper housing, 6% of the people move to make their commute short, 4.8% of the people move so that they can own a home and stop renting and 4.8% of the people move because of change in marital status.
What Kind of People are Moving?
Do you want to know which people are moving? The first category of people moving are highly educated urban dwellers. There can be a variety of reasons why they are moving such as a better job, better house or for something else which is definitely better. The next most common type of movers are untethered classes.
Untethered class consists of people who do remote jobs and are not tied to any one place. They don’t own houses and prefer to live in rented houses and also have higher than average salaries. It is easy for an untethered class in comparison to 9-5 jobs to relocate.
If we analyse demographics then out of all the movers, 44% of them are individuals or family, 38% of them are corporates,16% of them are Military organizations and 2% of them are government institutions.
The ideal or the average mover is usually a couple of ages 18-34 with one or two children.
Financial Trends in Moving
The moving industry is one of the most underestimated industries. It’s a multi-billion-dollar business and ranging approximately to $86 billion dollars. It’s impact on the economy is not less and it’s one of the factors which tends to reflect a nation’s economy.
Its influence gets even more strong with moving associated niches like self-storage and auto transport. Professional movers on an average do 650,000 relocations per year which is not a small number.
If you hire a professional mover then it makes things a hell lot easier. If you try to do it yourself, best of luck for the problems and challenges that lay ahead. It is not a myth but a fact which is also backed by my scientific research and studies.
Effect of Covid-19 on Moving industry
Most of the industries are hit very badly by covid but covid has not been so bad for moving industry. In fact, it’s growing at a good rate. Before covid, in March, 2019 moving industry was doing well and was looking promising. Then came the news of a new virus spread. Moving companies adapted to it and find covid effective ways. For example, online dealing and orders, social distancing, masks and all that stuff.
Moving industry fought corona well but lockdown was more tough. During lockdown the moving industry dropped by 31.48% than the previous year. The future was not looking good but after lockdown again the moving industry saw a boost. Individual and family relocation spiked and commercial moves also increased .
Conclusion
The essence of the complete article is that the moving industry is going quite well and will go well in the future. Despite the pandemic and all that stuff, this industry has maintained its course. It is not only going well but also showing an upward trend also.
It is already hard to move without any professional help and corona virus has made it a hell lot difficult for all of us. Therefore, most of the people are preferring professional movers in comparison to doing things themselves.
We also recommend that doing it yourself is not worth it. The fatigue and troubles which come with it are a bit more for most of the people to handle. In the end, the final choice is yours for sure!
