In 2022, it seems that the state of our economy is changing more quickly than ever. Factors such as conflict overseas and lingering tailwinds of a pandemic are contributing to rising inflation that affects Americans’ lives in different ways. For those in the home improvement business, it’s important to know how the chain of events is impacting the industry and its customers.
To shed some light on this growing issue, the Home Improvement Research Institute teamed up with The Farnsworth Group to track changing sentiments among homeowners taking on improvement projects. Our monthly tracker surveys:
The latest results show that throughout February 2022, material price and availability continued to cause project delays among both groups. For DIYers, lumber, treated lumber and plywood remained the most commonly unavailable materials with 36.7% reporting difficulties in the category, a 6.2% increase from January.
Interestingly, for those choosing the DIFM route, material availability was a more common reason for project delay than material price. Conversely, nearly half of all DIYers reported both price and availability as an issue within the past month. However, most of the DIY group surveyed do not plan on hiring a professional in the coming weeks, preferring instead to stick out the project despite supply and cost-related difficulties. With around 80% of those surveyed reporting that they chose to complete projects themselves to save money, this may be indicative of the overall motivation of DIYers to save on the cost of labor.
HIRI’s February tracker also asked homeowners which projects they were planning on starting in the upcoming weeks. With springtime around the corner in some parts of the country and other regions bearing the brunt of winter, insight into projects can tell us more about how homeowners adapt to the changing seasons.
For the DIY group, the following projects were the most popular:
Since January, DIYers have shown a slight increase in general home maintenance projects, counters, and plumbing. The highest jumps were in cabinet repairs and electrical projects, which saw 6.7% and 8.5% increases, respectively.
Keep up with HIRI’s tracker study to see how these project rates ebb and flow throughout the year. Join HIRI to get instant access to the full reports as they are released.
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