Confidence in Renovation Market Remains High
July 20, 2016
Houzz Inc. today released the Q2 2016 Houzz Renovation Barometer, which tracks confidence in the home renovation market among industry professionals. The Barometer reflected widespread quarter-over-quarter confidence for all industry sectors including architects, designers, general contractors/remodelers, design-build, specialty building/renovation and specialty landscape/outdoor. Outlook for Q3 continues to be positive for all sectors.
Year-over-year increases in business activity across all sectors tend to be driven by older homeowners. Half or more firms across all sectors report an increase in activity of homeowners ages 35 to 54 so far in 2016, relative to the same period in 2015. Projects from Baby Boomers have increased for many as well. Unsurprisingly, projects from Millennials are increasing at a slower rate.
Looking at other factors driving increased business activity, a third or more of firms across all sectors report that more clients are purchasing high-end products in 2016 relative to the same time in 2015. In addition, a third or more firms across all industry sectors report increases in smart home technology installations and aging-related upgrades. Many firms also experienced growth in energy efficiency upgrades and eco-friendly/green projects.
The full Q2 2016 Houzz Renovation Barometer can be found here.
The Houzz Renovation Barometer tracks quarterly fluctuations in business activity related to renovation of owner-occupied existing homes. The study is conducted quarterly and presents an analysis of responses to an online survey of a national U.S. panel of architects, interior designers, general contractors/remodelers, design-build firms, and building/renovation and landscape/outdoor specialties.