Commercial and Residential Service markets are experiencing rapid growth in the U.S., driven by technological advancements, increasing urbanization, rising disposable incomes, and the growing outsourcing trend. The development of smart buildings is accelerating demand in the industry, as upkeep of lighting, sensor, window, door, HVAC system, and CCTV camera networks have become essential maintenance activities. Residential service spending is expected to increase in line with further increasing home values. While homebuying has slowed to a crawl, with 10-Year Treasury yields jumping from 0.9% on January 4, 2021 to today’s rate of ~4.9%, home upgrades and maintenance have continued to increase consistently.

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