The recently released Q4 2021 Houzz Renovation Barometer indicated that the confidence for renovation activity is expected to remain strong despite supply-chain issues that include three-month wait times for projects to begin. The Barometer tracks residential renovation market expectations and recent business activity in the construction and architectural design services industries.
Within the construction sector, the Expected Business Activity Indicator for the third quarter fell two points from Q3 to 74 while the Project Backlog Indicator grew to 11.7 weeks. The Recent Business Activity Indicator dropped nine points to 73 in the third quarter, due to a significant decrease in inquiries.
Within the architectural and design sector, the Expected Business Activity Indicator for Q4 fell one point from Q3 to 69 while the Project Backlog Indicator increased to 9.3 weeks. Some architectural firms are seeing backlogs as high as 11.1 weeks, the highest reported since the survey began tracking this in 2017. Compared to Q3, the Recent Business Activity Indicator fell two points to 70.
The Houzz Renovation Barometer is an online quarterly survey that garnered over 1,300 responses from U.S. businesses with a Houzz account from September 28 through October 8. See Houzz