![]() This follows an uptick in both project inquiries and new projects for both groups (from 51 in Q2 to 54 in Q3 and 52 in Q2 to 53 in Q3, respectively). Build-only remodelers anticipate an increase in business activity in Q3 (54 compared to 50 in Q2), while expectations among design-build firms remains the same for Q3 at 53. In the construction industry, both build-only and design-build professionals have a favorable outlook on anticipated business performance. Business in the architectural and design services sector report backlogs of 6.4 weeks. In fact, construction businesses in the New England region report wait times of 21.8 weeks before they can begin work on a new midsize project. That said, ongoing labor shortages and product and material delays will continue.”īacklogs have lengthened across the construction sector to a record high of 13 weeks, up 2.5 weeks compared to the same period last year. ![]() “We continue to monitor the industry to identify whether improvements to inflation and other economic indicators create more stable pricing for businesses and an environment in which homeowners proceed with their full project scope. “Pent-up demand and macroeconomic conditions, such as aging housing stock and high mortgage rates, which continue to drive home improvement activity, are instilling a sense of optimism among builders, remodelers, architects and interior designers as they look ahead to the second half of the year,” said Marine Sargsyan, Houzz staff economist. Slightly more professionals across sectors anticipate business growth rather than declines in the third quarter of 2023, following slowed activity and homeowner requests to postpone or reduce the scope of their projects in the first half of the year. Fielded from June 22 through July 1, 2023, the Barometer provides timely insights into the impact of recent economic volatility on the home improvement market. construction sector and the architectural and design services sector. The Barometer tracks residential renovation market expectations, project backlogs and recent activity among businesses in the U.S.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |