Houzz, a social media platform for home remodeling and design, released its 2024 State of the Industry study that surveyed 2,150 U.S. residential renovation businesses. The study focused on a review of 2023 and the outlook for 2024.
In 2023, five of the seven construction and design sectors reported a decrease in revenue compared to 2022; however, interior designers and general contractors experienced modest growth at 1.1% and 0.4%, respectively. Most firms reported an increase in profits even with the decline in revenue.
The study showed an overall positive outlook for 2024, with all groups anticipating revenue growth ranging from 3.3% to 8.9% and most expecting improved demand. Profits are also projected to rise despite rising labor costs and the continued lack of availability of skilled workers. Businesses are also expecting to see better product availability but at higher costs. See Houzz
