## Overview of the Moving Industry
- The moving industry generates approximately $86 billion in revenue in the U.S. (this includes moving, storage, and supplies) as of 2021. - 109,000 people worked in the moving industry last year, or about 0.065% of the U.S. population. - The average move costs $4,100. - The average person moves 11.7 times over the course of their life. - A typical moving company generates around $1,050,000 in annual revenue. - 15.3 million American households move each year (28 million people). - The moving industry has a relatively low profit margin of 4.3% (as per IBISWorld).
![moving industry key insights and facts](https://nyc3.digitaloceanspaces.com/triple/photo_2024_12_24_15_25_29_778b5895be.jpeg) ## Trends in Mobility and Demographics
- People move about half as often today compared to the 1960s. - Younger adults (20-29) have the highest moving rates, often for job or education opportunities. - Older adults (65+) have the lowest moving rates, though they may move for retirement or healthcare reasons. - According to the U.S. Census Bureau, about 9.8% of Americans moved in a recent year, continuing a trend of declining mobility over past decades. - 50% fewer people move each year compared to the 1960s. ## Seasonality and Popularity of Moving
- The peak moving season is from May to August, accounting for almost 60% of all moves. - Friday is the most popular day to move. - Home sales are seasonal, which also drives seasonality in the moving industry. ![a diagram showing the different ways to use a mobile](https://nyc3.digitaloceanspaces.com/triple/photo_2024_12_24_15_25_34_d79aaffca4.jpeg) **Regulation and Oversight** - In the U.S., interstate movers are regulated by the Federal Motor Carrier Safety Administration (FMCSA), which enforces rules to protect consumers from fraud and ensure safe transport. **Relationship with the Self-Storage Industry** - The moving industry is closely tied to the self-storage industry, which generated $39.5 billion in 2021. - According to the Self-Storage Almanac, there are approximately 52,301 self-storage facilities in the U.S. as of 2024—comparable to the number of Starbucks, McDonald's, Dunkin' Donuts, Pizza Hut, and Wendy's locations combined in the U.S. ![a graphic showing how to use the food delivery process](https://nyc3.digitaloceanspaces.com/triple/photo_2024_12_24_15_25_38_3c3616c9c1.jpeg) **Logistical Aspects of Moving** - A typical household move involves transporting 6,500 pounds of belongings. - The average person uses 60 boxes for a move. **Decline in American Mobility** - The percentage of Americans who move each year has been declining, and in 2022 it was 8.7%: -**1948: **The first year on record with the Census Bureau, over 20% of the population moved. - **1985: **The annual number of Americans moving peaked at 38.1 million, or 20% of the population. - **2021: **The percentage of people who moved declined to about 13%. - **2022: **The annual internal migration rate was 8.7%. **Reasons for the Decline in Mobility** - Fewer people moving within their state. - A steady decline in the migration rate since the 1980s. - A pull towards outbound migration from higher cost-of-living states. **Trends in Local Moves** Most moves are local, either within the same county or within the same state. In 2019: - 65% of all moves were within the same county. - 17% of moves were between counties in the same state. - 14% of moves were across state lines. - 4% of moves were from outside the country. ![figure a - 1 number of movers](https://nyc3.digitaloceanspaces.com/triple/Trend_in_moving_industry_1a53308e01.jpg) **Other interesting facts!** - Every year, 20 million people search on Google for movers. - There are 500 million Google searches per year for moving companies. - Hollywood’s U.S. box office revenue in 2023 was $8.91 billion—roughly 1/9th the size of the moving and storage industry.

**Why People Move** **#1 Work** Americans move for more pay or better advancement opportunities. For example, only 5% of retired people move per year. However, even for working people moving has gone way down: Moving dropped from 20% yearly in the 50s-70s to about 10% now. Opportunity has evened out in the past 30 years and moving to new places doesn't help most workers make more money. The cost of living has evened out more with wages. Still, there is a big trend of moving from North to South to lower income tax states. Lower cost of housing and cost of living together with warmer weather and less snow are also some of the reasons why people relocate. **#2 Housing** - A change in family size: Having kids for the first time (or even growing the family!) or when children grow up and move out. - People move based on life stage: Young people move to cities for social life. Families tend to relocate to good school districts for their kids. Seniors move to communities where they can have friends and easy living. **How much moving costs** - Movers charge $50-$200 per person per hour - All moves require minimum two workers ($100-$400/hr) - Long distance moves cost 2x to 5x local moves - An average 3BR home local move costs around $2K - Long distance moves for a 3BR home start at $6K - The base rates for moving don't include boxing and crating - Packing a 3BR house takes two movers 5 hours at $100-$400 per hour - Car shipping runs $1K-$2K, more for rush service - Move costs track gas prices - when gas prices are high moves cost more - Most insurance costs 1-5% of items' value - 90% who bought move insurance were happy they did

Facts about the Moving Industry

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