Operations Survey: Revenue Projections

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For many, revenue takes a hit...

This century’s 20s came in with a roar, and then things changed quickly as coronavirus took the lion’s share of the attention. It resulted in a huge change in this category from our 2018 statistics, with less than half of our respondents telling us that they were seeing an upturn in revenue for the year, while a third of our contractors said they saw either a small or major downturn. In 2018, 70% reported an increase in revenue.

This year, many painting business were forced to suspend operations, but on the plus side, some found that once they could resume services there was an overwhelming demand for painting. Also there was an uptick in the demand for painting and remodeling as homeowners, spending more time within their walls, wanted to freshen things up. The percentage of companies reporting a major downturn is still very small compared to what happened in the recession of 2008, when over 40% of companies experienced a major loss of revenue and under 5% reported an increase. If nothing else, 2020 has encouraged many contractors to expand their market reach and find new ways to communicated with clients, which will help them through the pandemic and beyond.

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