PALO ALTO, CA — Confidence in the market for residential remodeling is exhibiting an uptick, even though project backlogs remain significantly below year-over-year levels, according to the latest gauge of market conditions issued by Houzz Inc.
Houzz, the Palo Alto, CA-based online platform for home remodeling and design, said last month that its Q4 2019 Houzz Renovation Barometer points to “strong expectations” for home renovation market activity in the fourth quarter of the year, although the market continues to be challenged by a variety of growth-stunting factors.
“It’s promising that expectations in the construction sector bounced back from some of the lowest that we’ve seen last quarter [and] the architectural and design sector outlook also remains strong despite a mild quarter-over-quarter dip,” said Nino Sitchinava, principal economist for Houzz, whose quarterly barometer tracks residential renovation market expectations, project backlogs and recent activity among businesses in the construction sector and the architectural and design services sector in the U.S.
Despite the improved expectations, however, Sitchinava observed that project backlogs remain “significantly below year-over-year levels,” indicating that the renovation activity in the last three months was not strong enough to offset the lackluster first half of the year.
“Businesses report that labor shortages, a shortened renovation season and continued weather disruptions – in addition to rising product costs and economic uncertainty – are contributing to project delays and a shift toward smaller projects,” Sitchinava said.
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