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In 2008, the biggest economic downturn in the U.S. since the Great Depression occurred, driven by the burst of the housing market and the subsequent loss in value of mortgage-backed securities. Dubbed the Great Recession, it cost countless Americans their jobs and hit businesses, particularly small ones, hard. The restoration industry was one that not only managed to stay relatively secure throughout the financial crisis, but also grew in spite of it. This is due to the various reasons that make it recession-proof, or at the very least recession-resistant.
1. It Provides Essential Services
The work the industry does is necessary, and the costs associated with it are often covered by home insurance. The aid of professional restoration companies in Dallas, TX, that may employ the services of a 3rd party billing company is often required to cleanup messes and fix damage to property, including:
2. Natural Disaster Rates Continue To Rise
A correlation has been shown between global climate change and an increase in the frequency of natural disasters. According to the U.S. Geological Survey, or USGS, the rising temperatures caused by it may lead to more intense storms and higher wind speeds. There is also the possibility of more droughts, which in turn may contribute to escalating the wildfire threat. As homes and commercial properties in the path of such catastrophes are hit, the demand for experts and the number of claims made to home insurance providers will only continue to climb.
3. Emergencies Never Stop Occurring
Crises will never cease to happen. These do not have to be associated with weather. Burst pipes, leaky roofs and other structural issues may also lead to water damage and other problems where a professional is needed to salvage portions of buildings or their contents.
Home insurance will pay to restore property that has sustained harm due to circumstances outside of the owner's control in many cases. Because of the surge in severe meteorological conditions and the constant existence of calamities in the world, those specializing in repair will generally always be needed. Therefore the restoration industry is safe from recession.