Moving industry statistics 2024
The U.S. moving industry is a highly saturated market, comprising 16,851 enterprises as of 2023. The industry’s market size reached $21.3 billion the same year, down 5% from $22.5 billion in 2022. Employment in the sector stands at 108,494 people, with an average of 6.2 employees per moving company, further highlighting its composition of predominantly small to midsize businesses (SMBs).
Recent trends in moving patterns reflect a decline in the number of movers. In 2022, 28,179 people moved across the U.S., slightly up from a historic low of 27,217 in 2021. From 2018 to 2022, the number of movers has decreased by 12.9%. Between 2020 and 2021, the most common moves were to different residences within the U.S., with 26,810 people relocating. Moves within the same county and state were also prevalent, while interstate and international moves were less common.
As of 2023, there were 16,851 moving enterprises across the U.S., marking an 8.8% decrease from the previous year.
Jump to insightBy revenue, the market size of the U.S. moving services industry was $21.3 billion in 2023. That’s a 5% decrease compared to 2022, when the market size reached $22.5 billion.
Jump to insightAs of 2023, there were 108,494 people employed in the U.S. moving services industry, with an average of 6.2 employees per moving services business.
Jump to insightIn 2022, 28,179 people moved across the U.S., up from a historic low of 27,217 in 2021. From 2018 to 2022, the total number of movers decreased by 12.9%, from 32,352 to 28,179.
Jump to insightBetween 2021 and 2022, the most common type of move within the U.S. involved changing residences and totaled 26,810 people. Moves within the same county accounted for 15,068 people, while 6,857 people moved to a different residence within the same state.
Jump to insightMoving industry statistics
The moving services industry is highly saturated and diverse, featuring thousands of businesses across the U.S. As of 2023, there were 16,851 moving enterprises in the U.S. That number marks an 8.8% decrease from 2022, when there were 18,477 enterprises.
Moving industry market size
Measured by revenue, the market size of the U.S. moving services industry reached $21.3 billion in 2023. This marked more than a 5% decline compared to the previous year when the industry’s market size was $22.5 billion. Overall, on average, the moving services industry market size only increased by 0.7% per year between 2018 and 2023.
Moving industry employment
As of 2023, there were 108,494 people employed in the U.S. moving services industry. In the five years between 2018 and 2023, the industry experienced a slight 0.4% increase in employment. Within the industry, the average number of employees per business also increased during this period. Though, with an average of 6.2 employees per moving services business, the industry is still primarily composed of SMBs.
What types of moves are most common?
People move for a variety of reasons, with the most common type of move being those who move to a different residence within the U.S., totaling 26,810 people between 2021 and 2022. Other common types of moves include moving to a different residence within the same county (15,068) and moving to a different residence within the same state (6,857). Moves to a different state or from abroad are less common, totaling 4,884 and 1,369 people, respectively.
Total annual number of movers over time
In 2022, 28,179 people moved across the U.S. The number of movers reached a historic low of 27,217 in 2021, marking the smallest number of annual movers since before 1948. Between 2018 and 2022, the total number of movers in the U.S. decreased by 12.9%, from 32,352 to 28,179. This decrease is largely due to the COVID-19 pandemic and a difficult housing market.
Historically, the largest share of people moved in 1985. Compared to current figures, 65% more people moved within the U.S. — a total of 46,470 people.
Moving industry forecast
The U.S. moving services market is poised for slight growth in the coming years, with a projected compound annual growth rate (CAGR) of 3.68% between 2022 and 2027. Within that time, the market size is expected to increase by $3.92 billion.
Market expansion factors
Whether the moving industry experiences market expansion will depend on several factors, including the following:
- Increased real estate sector expansion to bolster demand for moving services.
- Higher rates of international employment and immigration to increase market growth.
- More corporate relocations to fuel the demand for comprehensive moving services.
FAQ
Is the moving industry slowing down?
Yes and no. The moving industry did experience a slowdown between 2016 and 2021, partly due to the COVID-19 pandemic and external housing market factors. In 2016, there were 35,138 total U.S. movers. That number decreased by 22.5% in the five years between 2016 and 2021.
However, the industry is expected to grow slightly moving forward. For instance, the number of movers marginally increased between 2021 and 2022, from 27,217 to 28,179.
Is the moving industry saturated?
The moving industry is saturated, with a large share of SMBs available to the everyday consumer. As of 2023, there were an estimated 16,851 total moving services enterprises in operation.
Is the moving industry profitable?
Yes, the moving industry is profitable for most businesses, with a good month netting an average of $20k in profits. The primary hurdle for moving companies is competing with others in a saturated market. However, this challenge can be remedied through improved lead generation, discounts for repeat customers and more.
Is the moving industry recession-proof?
While recessions negatively impact most industries, the nature of moving services means that the industry is more “recession-proof” than others. There are always people who need to move, regardless of economic circumstances. The moving industry offers essential services and temporary aid in tough times, providing plenty of business opportunities during a recession.
What is the demand for moving companies?
Between 2015 and 2021, the demand for moving companies decreased by 22.5%, at least partially due to the effects of the COVID-19 pandemic between 2020 and 2021. Demand increased by 3.5% between 2021 and 2022, but still remains far below historical demand.
References
- "Moving Services in the US - Market Size (2004–2029)." IBISWorld. Evaluated June 18, 2024.Link Here
- "Moving Services in the US - Employment Statistics 2004–2029." IBISWorld. Evaluated June 18, 2024.Link Here
- "CPS Historical Migration/Geographic Mobility Tables." United States Census Bureau. Evaluated June 18, 2024.Link Here
- "Moving services market size in the United States from 2012 to 2022, with a forecast for 2023." Statista. Evaluated June 18, 2024.Link Here
- "US - Moving Services Market by End-user and Type - Forecast and Analysis 2023-2027." Technavio. Evaluated June 18, 2024.Link Here
- "Number of enterprises in the moving services market in the U.S. between 2018 and 2023." Statista. Evaluated June 19, 2024.Link Here
- Davis, B. "How to start a moving company (including money and equipment needed)." How-to-start. Evaluated June 24, 2024.Link Here
- "What Does the Recession Mean for the Moving Industry?" Corporate Relocation Systems. Evaluated June 19, 2024.Link Here
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