This reflects a drop of eight points from the first quarter, however, it is five points more than the same period before the pandemic (58 in the second quarter of 2019). The recent business activity indicator related to project inquiries and new projects committed decreased to 63 in the second quarter. The project pipeline indicator is 10.5 weeks at the start of the third quarter, a return to lead times similar to a year ago after reaching a five-year high in the second quarter (12 weeks). Project inquiry expectations fell to 62, compared to 65 in the second quarter, and new project commitments fell to 63, six points below expectations in the second quarter (69). The indicator of expected business activity related to project inquiries and new projects committed decreased to 62 in the third quarter (compared to 67 in the second quarter). Regionally, expectations for business activity are higher among the New England companies (69) and lowest among professionals in the Pacific. As project applications decreased significantly in the second quarter of 2022 between the two business groups, both have lowered their expectations for new projects committed in the third quarter of 2022. In the construction industry, construction-only and design-build professionals are aligned on anticipated business performance and recent business activity. That said, homeowners managing aging housing demands and housing market shortages will continue to drive long-term home design and renovation activity.” Construction Sector Barometer Q3 2022
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“Increasing interest rates and inflation have put downward pressure on homeowners’ demand for professional services in the short term, giving professionals the opportunity to remedy long delays.
“After the strong residential design and remodeling activity of the last two years, it is not surprising that companies are leveling their expectations as current economic conditions now affect both sides of the industry,” said Marine Sargsyan, staff economist at Houz. Meanwhile, after record wait times before professionals can start work on a new midsize project, companies are reporting that delays are decreasing across the industry. While most companies in the construction, architecture and design services sectors have reported more increases than decreases in recent business activity, expectations for continued demand are tempering as homeowners await signs of national economic stability. tracks residential renovation market expectations, backlogs, and recent activity among companies in the construction sector and the architecture and design services sector in the US The Barometer The Houzz Renovation Market, which was presented from June 30 to July 11, 2022, provides information on the impact of recent economic volatility on the home renovation market.
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