Moving Companies
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 8,900 moving companies in the US provide packing, transportation, and storage services for used household and office goods to individuals and businesses. Firms may also offer warehousing and storage, packing, and special handling services or sell boxes, paper, bubble wrap, tape, and other packaging supplies for Do-It-Yourself (DIY) movers. In the moving industry, the carrier or van line operates as the transporter of household goods. The moving agent operates under contract with the carrier to manage the move.
Seasonal Demand
The moving and relocation business is highly seasonal and peaks during the summer when families like to move to avoid disrupting the school year.
Mobility Falls
The number of Americans who move has been mostly flat or on the decline for the last five years, with advances in technology creating remote working opportunities that eliminate the need for relocation.
Industry size & Structure
The average moving company operates out of a single location, employs about 11 workers, and generates about $2.1 million annually.
- The moving industry consists of about 8,900 companies that employ 100,000 workers and generate $19.3 billion annually.
- The industry is concentrated at the top and fragmented at the bottom; the top 50 companies account for over 40% of industry revenue.
- Large companies, which include UniGroup (United Van Lines, Mayflower), SIRVA (Allied, North American Van Lines, Global), and Atlas, may have global operations.
- Companies that provide long-distance move services account for 32% of firms and 64% of revenue. Companies that provide local move and storage services account for 69% of firms and 36% of revenue.
- About 40% of firms generate less than $500,000 annually.
- The industry includes van lines, van line agents, and independent movers.
Industry Forecast
Moving Companies Industry Growth
Recent Developments
Jul 23, 2024 - Homeowners with Low Interest Rates Reluctant to Move
- Amid high interest rates and home prices, many homeowners who locked in a low mortgage rate before rates began rising are finding themselves stuck if they wish to move, according to The Wall Street Journal. About two-thirds of all outstanding US mortgages have a rate lower than 4%, according to Morgan Stanley. To move, homeowners must abandon their low rate and take on a fresh mortgage when current rates are near 7%. In a study by economists at UC Berkeley and the University of California Irvine, the lock-in effect of higher mortgage rates discouraged an estimated 660,000 moves to a new zip code over the course of a year through June 2024.
- Sales of existing US homes, a demand driver for moving services, decreased by 5.4% in June from May and were down 5.4% year-over-year, according to the National Association of Realtors (NAR). The median home price rose 4.1% in June to $426,900, marking the second consecutive month that median home prices hit all-time highs. NAR chief economist Lawrence Yun said, “We're seeing a slow shift from a seller's market to a buyer's market. Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.” Yun added, “Even as the median home price reached a new record high, further large accelerations are unlikely. Supply and demand dynamics are nearing a balanced market condition. The months supply of inventory reached its highest level in more than four years.”
- Home builder confidence in the single-family market dropped in July to the lowest level since December 2023 amid high mortgage rates and elevated builder financing costs, according to the National Association of Home Builders (NAHB). Home builder sentiment, as measured by the NAHB/Wells Fargo Housing Market Index (HMI), fell one point to 42 in July 2024. Any HMI reading over 50 indicates that more builders see conditions as good than poor. The HMI survey also showed that 31% of builders have reduced home prices to lure potential buyers off the sidelines, although the average price reduction of 6% remained unchanged for the thirteenth consecutive month.
- Applications for new home mortgages declined 16% in June 2024 compared to May but increased 0.7% year-over-year, according to the Mortgage Bankers Association (MBA). The MBA’s Vice President and Deputy Chief Economist Joel Kan said, “Applications for new home purchases slowed in June, consistent with broader declines in single-family construction and new building permits as well as typical seasonal patterns.” Yun added, “MBA’s estimate of new home sales showed a monthly decline to a pace of 626,000 units – the slowest in four months. Mortgage rates dipped below 7 percent in June but that did little to spur purchase activity.”
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