Glimpses of optimism are emerging in the construction and design industry, with some easing of interest rates and businesses reporting slight improvements in quarterly activity at the end of the year, compared with earlier periods in 2023, according to the Q1 2024 Houzz U.S. Renovation Barometer.
"Shorter backlogs, comparable to pre-pandemic levels, are likely fueling a rise in new project commitments as we enter the year," said Marine Sargsyan, Houzz staff economist. "Despite persisting labor shortages, industry professionals have adapted, sustaining operations and fulfilling project demands by refining project scope and upskilling their team members."