Repaint versus new-construction

Definition

Repaint work, which is steady and better margin, against new construction, which is lumpy.

Why It Matters

Repaint-weighted books hold up through downturns and price better, because repainting is maintenance a homeowner defers by a season rather than cancels. New-construction work is lumpier, tied to builder cycles, and often carries payment terms set by somebody else. Read the mix over several years, and ask who the builder relationships belong to, since those usually walk out with the owner who built them.