Palo Alto, Calif. – New survey results from Houzz, an online home design platform, reveal that nearly all business indicators have returned to pre-pandemic levels.
“Confidence has returned to the home renovation and design industry, with many more businesses showing a positive outlook for 2020 than just a few months ago,” said Marine Sargsyan, Houzz senior economist. “Expectations for business inquiries and new committed projects have completely rebounded, following a sudden decline when the pandemic was declared.”
Sargsyan said this is supported by an increase in new project inquiries in Q2, suggesting that homeowners are getting ready to renovate and are finding ways to move projects forward with new safety guidelines.
The coronavirus impacted more than four in five small businesses in the architectural and design services sector. The most common effects included project delays, fewer new business inquiries and project cancellations. Shipment delays and cancellations are now a growing concern for businesses in both sectors.
Architecture and design firms responded to pandemic-related business challenges by offering video consultations, providing remote collaboration tools, sourcing more products online and implementing safety guidelines at the office and worksite. More than a quarter of businesses in the architectural and design services sector also adopted online invoicing and payments.
Despite pandemic-related headwinds, as well as pricing and availability of materials, labor shortages and the current political climate, more businesses report a neutral to good outlook for 2020.
The Houzz Renovation Barometer is based on a quarterly online survey sent between June 27 and July 10 to a national panel of more than 2,000 businesses with an online profile on Houzz. The barometer keeps a pulse on home renovation market conditions by tracking expected, current and recent business activity.