Subscribe   |   Print Page   |   Contact Us   |   Sign In
News & Press: Other Home Improvement News

More Renovation and More Business

Wednesday, October 25, 2017   (0 Comments)
Posted by: Matthew Craig

Houzz recently published its third-quarter release of its quarterly Houzz Renovation Barometer. This third quarter confirms some of the trends tracked throughout recent quarters, as well as adds new complexities in home renovation with the effects of the recent hurricanes Harvey and Irma (Hurricane Maria was excluded due to insufficient sample sizes within the survey).

 

Continuing previous quarters, the Q3 Renovation Barometer is holding steady with high confidence in the current remodeling market conditions among all industry groups. This translates to more companies are reporting increased market activity than those reporting a decrease compared to last quarter.  This continued increased business has affected the remodelers in a couple ways, due to the growing interest in remodeling, the work backlog of most companies has continued to bloat, with average backlogs now at anywhere between 4.5 to 7.7 weeks for any give projects. Typically, a company would hire additional workers to bring project wait times down, yet there is still a pretty significant labor shortage in the sector, with more than three-quarters of general contractors, remodelers, and design-build firms reporting a shortage.

 

Lastly, we are starting see some of the more immediate effects of the recent hurricanes in the Houston and southwest Florida coasts. During the first two weeks following the hurricanes 24% and 42% of renovation-related businesses needed to suspend business in each of the respective areas, which led to lost revenue and lost time. In terms what this means for homeowners, renovation and remodeling companies in the respective area estimate costs, on average, $13,000 for homeowners affected by Irma, and a staggering $111,000 for those affected by Harvey.

 

For more detailed information, you can read the full report on the Houzz website.  


Legal