Confidence levels among residential construction professionals are at their highest point since 2018 and are up five points from 2021, according to the Q1 2022 Houzz Renovation Barometer. Confidence among architecture and design firms is up one point from Q1 2021. The Houzz Renovation Barometer is an online quarterly survey sent to a national panel of businesses; it tracks home renovation market conditions for the construction sector and the architectural and design services sectors.
“Confidence among businesses in the residential construction and design industry has remained high since the initial shock of the pandemic and continues into 2022. Businesses are facing product and material shortages and price volatility, lack of labor availability and fluctuations in interest rates, which may be impacting the Recent Business Activity Indicator,” says Houzz senior economist Marine Sargsyan. “That said, even with long wait times, businesses report no respite from pent-up demand, confirming long-standing market fundamentals.”
The report also looked at backlogs across the industry. For the construction sector, wait times are longer in Q1 2022 than they were in Q1 2021, with the New England region reporting the longest backlog at 13.3 weeks. In the architecture and design services sector, businesses in the East North Central division (including Wisconsin, Michigan, Illinois, Indiana and Ohio) reported the longest backlogs at 10 weeks.
For a closer look at housing trends from the National Association of Realtors senior economist Nadia Evangelou, click here.