Houzz recently released its Q2 2017 Houzz Renovation Barometer, which tracks confidence in the home renovation market among a range of industry professionals, including builders, remodelers, architects, and designers. The study found that quarter-over-quarter confidence is high. More firms reported market activity increasing than decreasing quarter-over-quarter, as reflected in Barometer readings exceeding 50 points across all industry groups (63-78 out of 100).
The study also introduces the Houzz Renovation Barometer Backlog Index. This index shows a project backlog of four to seven weeks on average across sectors, indicating delays of over a month before companies can take on new projects. Similar to last year, many remodelers continue to report a shift in their project mix toward larger-scale and higher-end projects. A third are experiencing a growing demand for smart home technologies and increased preparation for retirement through aging-in-place related upgrades.
“The Barometer is pointing to strong market conditions for home renovation professionals, with business confidence at similar levels observed this time last year,” said Nino Sitchinava, principal economist at Houzz. “Western firms stand out with an uptick in confidence year-over-year and backlogs of more than three months, in large part driven by strong job markets and significant home price appreciation over the past few years in urban centers.”
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