Houzz’s latest survey reveals reasons for optimism. More than two-thirds of home renovation firms reported 2015 year-to-date revenues and profits to be at or above pre-recession levels, with one in five firms reporting revenues and profits to be significantly higher, says the latest survey. The quarterly Houzz Renovation Barometer study reports on responses to an online survey sent to a U.S. panel of architects, interior designers, general contractors/remodelers, design-build firms and building/renovation and landscape/outdoor pros on owner-occupied existing homes.
“A large majority of home renovation firms on Houzz report a return to pre-recession revenues and profits, irrespective of industry segment or firm size," said Nino Sitchinava, Houzz’s principal economist. “While industry confidence remains strong for the remainder of 2015, professionals tell us that the shortage of skilled labor continues to be a key challenge to growth.”
Nino Sitchinava, Houzz's principal economist
The Barometer, which covers the second quarter of 2015, tracks marked and consistent optimism among professionals regarding market growth and predicts continued growth into this year’s third quarter. Specialty building/renovation and specialty landscaping/outdoor firms report somewhat higher confidence relative to the start of the year, while architecture firms report a slightly weaker outlook.
Further findings include:
- All industry groups reported strong quarter-over-quarter improvement in new business activity in the second quarter, as indicated by high index scores for new inquiries, number of new projects and new project size.
- Professionals are optimistic about the continued influx of new business in the third quarter of this year.
- Outdoor, renovation specialty firms and general contractors in the Northeast are reporting an acceleration of new business activity following a harsh winter.
- Optimism is especially high among interior designers in the South and West, and architecture and design-build firms in the West.
Read the full report online.