Houzz has released its Q2 Renovation Barometer, which tracks confidence in the home renovation market among industry professionals.
According to the Q2 Barometer, more than two-thirds of home renovation firms reported year-to-date revenues and profits to be at or above pre-recession levels, with one in five firms or more reporting revenues and profits to be significantly higher.
“A large majority of home renovation firms on Houzz report a return to pre-recession revenues and profits, irrespective of industry segment or firm size," said Nino Sitchinava, principal economist at Houzz. “While industry confidence remains strong for the remainder of 2015, professionals tell us that the shortage of skilled labor continues to be a key challenge to growth.”
According to Sitchinava, the Q2 Barometer reflects steady optimism in market growth among professionals, with high index scores of 69 or higher in market confidence across all company types, in line with Q1 readings (71 or higher). Specialty building/renovation and specialty landscaping/outdoor firms report somewhat higher confidence relative to the start of the year (5% to 8% increase), while architecture firms report a slightly weaker outlook (4% decrease). Market conditions are expected to remain strong into Q3, with scores of 69 or higher for all sectors.
For more information, visit houzz.com.