The share of minority-owned new residential builders and remodelers has more than doubled since the Great Recession, with noticeable gains from 2017 to 2022.  Nevertheless, when compared to the overall U.S. population, minority-owned firms continue to be underrepresented within both housing sectors.

New Residential Builders

Based on data from the Annual Business Survey (ABS) from the U.S. Census Bureau, 14% of new residential building firms were minority-owned in 2022.  The Census classifies firms as minority-owned if the owner with majority share (i.e., 51% or more of stock or equity in the business) identifies as “any race and ethnicity combination other than non-Hispanic and White.”  In 2007, when NAHB began tracking this data, only 6% of residential builders were minority-owned. From 2017 to 2022, the number of minority-owned new residential builder firms increased 64%, from 4,938 to 9,965.

Residential Remodelers

The share of minority–owned residential remodeling firms also continues to rise, more than doubling from 8% in 2007 to 18% in 2022.  From 2017 to 2022, the number of minority-owned residential remodeling firms jumped by 91%, from 11,565 to 22,119.

In contrast to the 14% of residential builders and 18% of residential remodelers that were minority-owned in 2022, around 40% of the overall U.S. population that year belonged to a racial minority group.