According to February 2015 U.S. Houzz Barometer Study, the home renovation market grew in 2014, and industry leaders are confident that this growth trend will continue into 2015.
According to the study, the home renovation market showed improvement in both quarter-over-quarter and year-over-year categories in the last quarter of 2014. This late-2014 improvement in the home renovation market is expected to continue into the first quarter of 2015 and beyond. Nearly 75 percent of the participating firms expect an increase in new projects in 2015.
Overall, the study indicated a substantial improvement in the construction industry in 2014 and into 2015. Small firms with fewer than five employees have significantly recovered from the effects of the economic recession that hit the United States between 2007 and 2009. Many of these smaller firms are reaching their capacity for work, the study found.
The employment outlook for the renovation sector and the construction industry as a whole is also optimistic, with firms of all sizes reporting that they anticipate more hiring in 2015.
The Houzz Barometer study, conducted by industry experts at the website Houzz, provides quarterly research results on the U.S. residential construction, renovation and decorating markets. More than 5,000 construction firms and service providers in the United States contribute to the study.
The study provides an index value for three important business activity metrics: the number of new projects, the average size of new projects, and the number of proposals submitted. Participants indicate whether these metrics have increased, decreased or stayed the same over the survey period.
Results indicate that Barometer index values were at least 74 across all company types included in the survey. These include architects, interior designers, landscapers, builders and remodeling firms, special trade professionals, and a general category of other industries.
The February 2015 report marked the first time the Houzz study has reported on the residential renovation market.
Construction Monitor tracks and reports on the latest trends in the U.S. housing market, including housing starts and building permit issuances. Contact us today for more information on the home renovation market and projections for continued growth into 2015 and beyond.
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