The recently released Q1 2023 Houzz Renovation Barometer indicates improved confidence for renovation activity. The Barometer tracks residential renovation market expectations and recent business activity in the construction and architectural design services industries.
Within the construction sector, the Expected Business Activity Indicator for the first quarter rose three points from Q4 2022 to 53, while the Project Backlog Indicator was 8.3 weeks at the start of Q1. The Recent Business Activity Indicator was unchanged from Q3 at 42 in Q4 2022.
Within the architectural and design sectors, the Expected Business Activity Indicator for Q4 dropped eight points from Q4 2022 to 48, based on lower expectations of newly committed projects. The Project Backlog Indicator dipped to 5.3 weeks at the beginning of Q1 and the Recent Business Activity Indicator shrunk nine points to 43 in Q4 2022.
The Houzz Renovation Barometer is an online quarterly survey of U.S. businesses with a Houzz account from December 27, 2022, through January 11, 2023. See Houzz