Houzz Renovation Barometer tracks confidence in the home renovation market among industry professionals. More than 5,000 U.S. residential service providers are members of the Houzz Industry Panel and provide quarterly updates on the health of the industry.
Findings from the Q2 2016 Barometer research include:
- Quarter-Over-Quarter Uptick: The Houzz Renovation Barometer, which tracks industry optimism in quarter-over-quarter and year-over-year market improvements, posted high Q2 readings across all industry groups (63-78 out of 100), reflecting widespread industry confidence in quarter-over-quarter market gains. The outlook for Q3 continues to point toward positive growth in all sectors.
- Year-Over-Year Growth Slows in Design-Related Sectors: The Barometer posted high year-over-year readings of 66-77 in Q2 2016; however, these scores decreased slightly for five of the six industry groups surveyed relative to Q1 2016. While still seeing increases in business, the overall confidence of design-related industry groups has declined four quarters in a row – Q2 scores of 66-73 are down from Q2 2015 scores of 75-80.
- Changes in Client, Project Mix Drive Increase in Business Activity: Half or more firms across all industry groups report that activity of homeowners ages 35-54 has increased so far this year relative to the same period last year (46%-58%). Projects from Baby Boomers are also on the rise for many. Additionally, many firms report that more clients are purchasing high-end products, tackling multiple projects at a time, and/or are taking on more kitchen and bathroom renovations.
Download the current quarterly report to learn about the current state of professional confidence in the quarter-over-quarter and year-over-year improvements in the home renovation market on national, state and metro levels.