Houzz Study Indicates Positive Outlook Among Home Renovation Professionals in 2020
Houzz Inc., the world’s leading platform for home remodeling and design, recently released the 2020 Houzz U.S. State of the Industry.* The report provides an outlook on 2020 and review of 2019 performance for residential renovation and design businesses based on data reported by more than 3,000 professionals in the Houzz community. Companies across all industry sectors have an optimistic outlook for 2020, following positive 2019 results.
“The findings from this year’s Houzz State of the Industry show continued momentum for the industry in its tenth year of expansion,” says Nino Sitchinava, Houzz principal economist. “While revenue growth slowed notably in 2019 and businesses expect continued growth deceleration into 2020, the positive outlook is prevalent across all industry groups and even improved when it comes to the health of the national economy. A major headwind in 2019 was rising costs of products and materials, linked by many businesses to increased tariff actions levied against popular construction products and materials. Elevated costs of products and labor continue to be the top challenges facing businesses going into 2020.”