2024 Moving Industry Statistics
Even with inflation on the rise in America, moving companies and the moving industry are performing well relatively well in 2024.
Highlights:
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Revenue: $23.2bn
Industry revenue has grown consistently over the past five years, to reach a total estimated $23.2bn in 2024. That's a lot of moves!
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Businesses: 21,892
Barriers to entry are low in the moving industry, which causes many small companies and owner-operators to become movers, boosting competition.
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Employees: 112k
It is estimated that with all of the small and local mom-and-pop operators across the United States, there are over 110k employees in the moving industry.
Some common questions about the moving industry
How is the industry performing right now?
Even with inflation on the rise, moving companies are performing relatively well in 2024.
What's the most common type of moving?
Residential moving services are the largest segment of the greater moving industry, but residential moving is expected to slow in the near future with higher costs and elevated interest rates.
Where is moving the most common?
Regions near The Great Lakes and states in the south-east are the most popular places where people are moving to and from.
The Moving Industry consists of moving companies who offer moving and relocation services for clients seeking to move their items to a new destination. Moving companies cater to both residential and commercial, and handle various types of items, ranging from furniture to furnishings to clients preparing to move.
How does the moving industry look over the next 5 years?
Low interest rates, a strong housing market, and a strong economy are crucial for the moving industry.
The market size is projected to increase over the next 5 years, but the total growth rate is undetermined.
Is regulation hurting moving companies?
Regulations regarding truckers on the road have made moving companies across the country more diligent about their practices.
Moving companies must be careful that their drivers have the correct medical prerequisites to drive, and be given enough downtime to sleep enough hours to follow federal laws.
Main Costs of Running a Moving Company
Digital advertising spend has increased significantly in the moving industry in recent years.
Marketing
Depreciation is a major expense for moving companies because of their large equipment and asset requirements.
Depreciation
Moving companies are labor intensive and require large payrolls to operate.
Labor Wages
With rising fuel costs across the United States, many movers are feeling slimmer margins.
Fuel
Running warehouse space or local offices add to the expense budget for many moving companies.
Utilities
Having a safe and secure location to store equipment and trucks is vital for moving companies.
Rent
Many moving companies budget a portion of their profit towards reimbursements and discounts to customers who experience furniture damages during a move.
Damages
Technology is becoming an increasing importance to moving companies who are upgrading systems to support more efficient supply chains.
Technology
Moving Industry FAQ
What is the market size of the moving industry?
The market size of the Moving Industry in the United States is estimated to be $23.2bn in 2024.
How fast is the moving industry growing?
Over the next five years, the Moving Industry in the United States is expected to grow, but total growth rate is undetermined.
What factors are influencing the industry?
Key drivers of the Moving Industry in the United States include home prices, home sales, and price for fuel.
What are the main services in the Moving Industry?
Services in the moving industry include residential moving, commercial moving, warehousing services, packing services, handling services, freight transportation arrangement, and customs brokering services.
How concentrated is the moving market?
Market share concentration is low for the moving industry in the United States, with the top four companies generating just 32% of market revenue in 2024.