Hardware Retailing The Industry's Source for Insights and Information
With home remodeling at an all-time high, homeowners should be aware of construction, architect and designer firm activity and wait times.
According to the 2024 Q4 Houzz Renovation Barometer, expectation for project inquiries increased by 7 points in the fourth quarter of 2024, and new committed projects increased by 12 points to 64. A score above 50 points means there is an expected increase in business activity quarter-over-quarter.
Compared to 2023, the construction Project Backlog Indicator was 0.9 weeks shorter in 2024. While design-build remodelers reported longer wait times last year, build-only remodelers’ wait times decreased by 2.3 weeks from 2023 to 8.3 weeks.
In Q4 2024, the expectations for project inquiries increased by 7 points to 59 and new committed projects increased by 12 points to 64. According to Houzz, a score below the 50-point line indicates slower activity.
“Business activity slowed in Q3, especially in the construction sector, with fewer project inquiries and commitments compared with Q2,” says Marine Sargsyan, Houzz staff economist. “However, the outlook for Q4 is more positive, especially among architectural and design firms, driven by anticipated economic growth, declining interest rates and larger project budgets. Those anticipating gains cite these favorable conditions, while others remain cautious due to economic uncertainty, current interest rates and tighter budgets. The broader political environment, including uncertainty around upcoming elections, also adds to the industry’s caution.”
