The Q3 2023 Houzz Renovation Barometer report for both the construction and architectural and design sectors signaled mixed results. 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 third quarter rose three points from Q2 to 54, while the Project Backlog Indicator was 13 weeks, up 2.5 weeks from Q3 2022. The Recent Business Activity Indicator declined two points from 45 in Q1 to 43 in Q2.
Within the architectural and design sectors, the Expected Business Activity Indicator for Q3 dropped four points from Q2 to 52, based on a dip in project inquiries and recently committed projects. The Project Backlog Indicator increased to 6.4 weeks at the beginning of Q3 but was down 1.1 weeks from the year-ago period, and the Recent Business Activity Indicator grew one point to 43 in Q2.
The Houzz Renovation Barometer is an online quarterly survey of U.S. businesses with a Houzz account from June 22, 2023, through July 1, 2023. See Construction Barometer and Architectural and Design Barometer