Findings from the Q1 2017 Houzz Renovation Barometer include:
Quarter-Over-Quarter Confidence is High: The Houzz Renovation Barometer, which tracks industry optimism in year-over-year and quarter-over-quarter market improvements, posted Q1 readings exceeding 50 points across all industry groups (66-76 out of 100), as more firms report market activity increasing than decreasing quarter over quarter. In particular, architects reversed a three-quarter downward trend in confidence, with scores returning to Q1 2016 levels.
Year-Over-Year Uptick: The Barometer posted high year-over-year readings of 65-77 in Q1 2017, exceeding scores for Q4 2016. Design-build firms and remodelers continue to project high confidence in year-over year market gains (77 and 76, respectively), while architects show a renewed confidence in the market (65, up from 61 last quarter).
Labor Shortages Persist into 2017: While Q1 confidence and Q2 expectations remain high, labor shortages continue to hinder industry growth, as reported by 75 percent of general contractors, remodelers and design-build firms.