Moving Services in the US July 2012 1

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Moving Services in the US July 2012 1 WWW.IBISWORLD.COM MovingServicesintheUS July 2012 1 Slow moving: The industry struggles to rebound from the effects of the economic downturn IBISWorld Industry Report 48421 Moving Services in the US July2012 BrianBueno 2 AboutthisIndustry 15 International Trade 28 Regulation & Policy 2 Industry Definition 16 Business Locations 28 Industry Assistance 2 Main Activities 2 Similar Industries 19 CompetitiveLandscape 30 KeyStatistics 2 Additional Resources 19 Market Share Concentration 30 Industry Data 19 Key Success Factors 30 Annual Change 3 IndustryataGlance 19 Cost Structure Benchmarks 30 Key Ratios 21 Basis of Competition 4 IndustryPerformance 21 Barriers to Entry 31 Jargon&Glossary 4 Executive Summary 22 Industry Globalization 4 Key External Drivers 5 Current Performance 23 MajorCompanies 7 Industry Outlook 23 UniGroup Inc. 9 Industry Life Cycle 24 SIRVA Inc. 25 Atlas World Group Inc. 11 Products&Markets 11 Supply Chain 26 OperatingConditions 11 Products & Services 26 Capital Intensity 12 Demand Determinants 27 Technology & Systems 14 Major Markets 27 Revenue Volatility www.ibisworld.com |1-800-330-3772|[email protected] WWW.IBISWORLD.COM MovingServicesintheUS July 2012 2 AboutthisIndustry IndustryDefinition Companies in this industry provide institutional and commercial goods, moving and relocation services, including furniture and equipment. Industry firms local, long-distance and international often provide incidental packing and trucking and shipping of used household, storage activities as well. MainActivities Theprimaryactivitiesofthisindustryare Used furniture moving Used household-goods moving Used office-goods moving Providing storage services for moved goods Themajorproductsandservicesinthisindustryare Contract warehousing and storage General warehousing and storage Local moving Long-distance moving Packing services related to motor-carrier moving or storage Other related motor-carrier and storage services SimilarIndustries 48411 LocalFreightTruckingintheUS Establishments in the industry provide local general freight trucking. 48423 Tank&RefrigerationTruckingintheUS This industry provides long-distance specialized freight (except used goods) trucking. 56211 WasteCollectionServicesintheUS Establishments in the industry provide waste collection services. AdditionalResources Foradditionalinformationonthisindustry www.atlasworldgroup.com Atlas World Group www.ttnews.com Transport Topics Online www.census.gov US Census Bureau WWW.IBISWORLD.COM MovingServicesintheUS July 2012 3 IndustryataGlance MovingServicesin2012 KeyStatistics Revenue AnnualGrowth07-12 AnnualGrowth12-17 Snapshot $14.6bn -2.4% 2.2% Profit Wages Businesses $644.3m $3.2bn 7,629 Revenue vs. employment growth House price index MarketShare UniGroup Inc. 10 200 15.5% 5 180 SIRVA Inc. 7.9% Atlas World Group 0 160 Index Inc. 5.2% change % −5 140 −10 120 Year 04 06 08 10 12 14 16 18 Year 04 06 08 10 12 14 16 18 Revenue Employment SOURCE: WWW.IBISWORLD.COM p. 23 Products and services segmentation (2012) 5% KeyExternalDrivers General warehousing 4.5% Housepriceindex and storage Other related motor-carrier 5% and storage services Contract warehousing Consumer and storage sentimentindex Corporateprofit 7% Other Housingstarts 7.5% 44% Packing services related Long-distance moving to motor-carrier moving or storage 27% p. 4 Local moving SOURCE:SOURCE: WWW.IBISWORLD.COM WWW.IBISWORLD.COM IndustryStructure Life Cycle Stage Mature Regulation Level Medium Revenue Volatility Medium Technology Change Medium Capital Intensity Medium Barriers to Entry Medium Industry Assistance Low Industry Globalization Low Concentration Level Low Competition Level High FOR ADDITIONAL STATISTICS AND TIME SERIES SEE THE APPENDIX ON PAGE 30 WWW.IBISWORLD.COM MovingServicesintheUS July 2012 4 IndustryPerformance ExecutiveSummary | KeyExternalDrivers | CurrentPerformance IndustryOutlook | LifeCycleStage Executive The Moving Services industry provides home prices, which are major drivers of Summary moving, transport, storage and packing demand for moving services; home prices services to individuals, corporations and fell significantly during 2008 and 2009, governments. Individuals form the and they are also expected to remain industry’s largest revenue source, with depressed through 2012. As such, demand dependent on real estate sales, IBISWorld expects industry conditions to the construction of new homes, remain weak through 2012. disposable income levels and other Long-distance moving services are the wealth effects. The industry has industry’s most profitable segment, and underperformed in comparison with corporate customers’ demand for this other trucking and transport industries particular has increased following the since 2007 but is expected to stabilize recession; however, employees have with revenue of $14.6 billion in 2012. been less willing to move internationally or even interstate. Operators in this segment also reported the leading use of Minimal growth in residential construction and moving services by employees has changed from promotion to company home prices has hurt this industry reorganization. Also, despite the price of crude oil falling from record highs in Although up a marginal 1.2% in 2012, the July 2008 (when diesel prices reached current revenue figure represents an $4.70 per gallon), fuel prices are annualized decline of 2.4% since 2007. expected to continue burdening industry The slowing US economy and the operators. Prices for oil and fuel have depressed real estate market have hit the remained high for the past couple of Moving Services industry particularly years, chipping away at some operators’ hard; all performance indicators profit margins. contracted in 2008 and 2009, decreasing Such conditions are expected to industry revenue, employment, profit and continue stifling profitability within the establishment numbers. Although the industry, likely causing some struggling economy began to show signs of stability operators to close their doors during the and the industry recorded growth in 2010 five years to 2017. As a result, IBISWorld and 2011, operating conditions remain forecasts industry revenue to grow at an difficult in 2012. There has been minimal annualized rate of 2.2% over the next five growth in residential construction and years to total $16.3 billion by 2017. KeyExternalDrivers House price index people are more apt to make large-scale Higher housing prices generally stem purchases (such as houses) because they from strong demand for homes. Since a have confidence in their job security and high demand for homes translates to earning potential. This driver is expected more people moving, the house price to increase during 2012. index can be used to indicate demand for the Moving Services industry. This driver Corporate profit is expected to fall slightly over 2012, Corporations are a major industry posing a potential threat to the industry. customer and hire moving companies to relocate office or employees and to store Consumer sentiment index files, records and other nonessential When consumer sentiment is high, information. When business sentiment WWW.IBISWORLD.COM MovingServicesintheUS July 2012 5 IndustryPerformance KeyExternalDrivers and corporate profit are healthy, Consumers demand industry services to continued businesses are more likely to use third- move their possessions from their old party suppliers, move offices and send residences to new ones. Housing starts employees overseas (as a means of have closer correlation to demand than expanding). This driver is expected to home sales because customers are increase during 2012. reluctant to spend on these services when downgrading homes. This driver is Housing starts expected to increase strongly during A higher level of housing starts translates 2012, representing a potential to greater demand for moving services. opportunity for the industry. House price index Corporate profit 200 40 30 180 20 160 10 Index % change % 0 140 −10 120 −20 Year 04 06 08 10 12 14 16 18 Year 06 08 10 12 14 16 18 SOURCE: WWW.IBISWORLD.COM Shipping and freight industries in general relocating, which hampered demand for Current felt the heavy burden of the recession, moving services. Starting in 2010, the Performance but the Moving Services industry was hit industry revenue has made some minor particularly hard. Plummeting property gains and is expected to grow 1.2% in values and the credit squeeze stalled the 2012; even with this growth, revenue is housing market and caused companies to projected to fall at an annualized rate of slash spending. These conditions also 2.4% over the five years to 2012, reaching discouraged homeowners from $14.6 billion.. Demandimproves Conditions remain weak in 2012, despite this segment is projected to grow marginally a modest increase in revenue. Demand minimally from the previous year. In will likely remain anemic due to a 2012, house prices are expected to dip projected stagnation in new-home 0.4%, and over the five years since 2007, construction and sales, combined with the house price index is estimated to fall low house prices. Individuals that use at an average annual rate of 6.7%. moving services represent roughly 45.0% Businesses are the industry’s second of industry revenue; but with little largest market segment, representing private relocation as of late, revenue from roughly 40.0% of revenue. Demand from WWW.IBISWORLD.COM MovingServicesintheUS July 2012 6 IndustryPerformance Demandimproves these firms has been weak in recent 2010. Additionally, US-based marginally
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