Lighting Equipment Manufacturers NAICS 3351

Apr 2, 2026 - Median Age of US Homes Is 42 Years

• The rapidly rising age of US owner-occupied homes may drive current and future demand for lighting equipment. The US owner-occupied housing stock continues to age, with the median home reaching 42 years in 2024, up from 31 in 2005, according to the National Association of Home Builders' analysis of the Census Bureau's most recent American Community Survey. About 47% of homes were built before 1980, reflecting decades of underbuilding, especially since the Great Recession. New construction has struggled to keep pace due to high material costs, labor shortages, and elevated interest rates. From 2020 to 2024, just 4% of current homes were added, while the share of newer homes fell from 18% in 2014 to 13% in 2024. Over the same period, the share of homes at least 45 years old rose to 47%. This trend is expected to drive increased demand for remodeling, repairs, and upgrades nationwide.
• Single-family housing starts fell 2.8% month over month and 6.5% year over year in January. The Census Bureau report was delayed by the government shutdown late last year. The number of building permits issued for single-family, privately-owned housing units fell 0.9% month-over-month and dropped 11.6% year-over-year in January 2026. Homebuilders have faced several headwinds, including tariffs that have increased the cost of key inputs like lumber and cabinets, and labor shortages, according to Reuters. While interest rates have fallen in 2026, the US conflict with Iran is pushing oil prices higher, along with US Treasury yields. Mortgage rates could begin to rise again because they are tied to the benchmark 10-year Treasury yield.

• Demand for building design services showed signs of stabilizing in February after several months of decline, according to a March report by the American Institute of Architects (AIA). The AIA’s Architecture Billing Index (ABI) rose to 49.4 compared to January's reading of 43.8. Any reading of 50 or more indicates growth in architectural billings. The score for new project inquiries rose to 52.3 in February from 49.3 in January, and the new design contracts index increased to 48.0 from 42.7. The AIA's Chief Economist Richard Branch said, "While the ABI data shows some positive trends, the broader economy continues to struggle, with unemployment increasing in February. However, architectural services employment remained steady in January at 204,600, up nearly 2,000 positions from a year ago." Architectural billings are an indicator of future demand for lighting equipment.
• The New York Times reports that Americans are expected to spend a record $522 billion on home renovations in 2026, driven by high mortgage rates, aging housing stock, and shifting homeowner preferences, according to the Harvard Joint Center for Housing Studies. Elevated borrowing costs are prompting many homeowners to stay in place and invest in upgrades rather than move, while multigenerational living is increasing demand for modifications. Younger homeowners are playing a growing role, with millennials spending about $14,199 per household on improvements, the highest among generations, according to Angi. In a recent survey by online renovations platform Houzz, 41% of homeowners renovate due to dissatisfaction with existing styles, reflecting a focus on personalization. Industry data indicates functional upgrades, such as exterior repairs and system replacements, often deliver the highest returns, though lifestyle-driven renovations continue to gain popularity.