FOR IMMEDIATE RELEASE
March 5, 2024
Contact: [email protected]
WASHINGTON, DC – Today, the Institute for the Building Envelope (IBE) released the first-ever comprehensive study on market dynamics of the spray foam industry. The study, commissioned by IBE and conducted by Zonda, estimates the spray foam industry as a $2.78 billion dynamic and growing sector of the U.S. economy, employing nearly 55,000 people across all 50 states.
“We are excited to share the results of the first-ever comprehensive survey on the spray foam industry, which confirms what we’ve known for some time – the industry is growing, creating good-paying jobs, and adding value for homeowners and the larger U.S. economy,” said Doug Brady, IBE Board Member and Chief Strategy Officer for Huntsman Building Solutions. “When it comes to making homes more energy efficient, lowering utility costs for consumers, and reducing emissions, spray foam is the unrivaled choice for your home insulation needs. We’re proud to stand behind and promote this innovative building material.”
The benefits of spray foam extend far beyond the thousands directly employed in the industry. When it comes to stronger, energy efficient and cost-effective building materials, spray foam insulation is the all-in-one premium solution for the building envelope. It maximizes conditioned air inside a home, reducing greenhouse gas (GHG) emissions. Spray foam also increases building resiliency, helping structures better withstand natural disasters. Spray foam insulation plays an integral role in fortifying a home’s building envelope, increasing energy efficiency, safety, and comfort.
“We’re proud to release this study at the same time spray foam contractors from all over the country gather for this year’s Spray Foam Convention in Las Vegas,” said Kevin Page, IBE Board Member and Vice President of Sales for Enverge Spray Foam, a Holcim Building Envelope brand. “This study offers valuable insights that will help the spray foam industry continue to grow and thrive.”
Below are key findings from the study:
- Spray foam employs nearly 55,000 people across the United States;
- The majority of spray foam operators in the country are independent small businesses;
- More than half of spray foam companies created 2 to 5 new jobs over the past 12 months;
- Spray foam companies report sustained 5 to 10 percent growth from year to year, with half of spray foam operators’ revenues ranging between $1million and $5 million;
- The typical spray foam business completes between 50 and 299 installations per year;
- New residential homes (both single and multifamily) are the most common installations for spray foam companies, accounting for over $1.6 billion of revenue;
- Texas employs the most people in the spray foam industry with over 10,000 jobs, followed by Florida and California, with over 5,000 jobs each. Texas, Florida, and California are also the top three revenue-generating states for spray foam installations.
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