The recently released Q3 2022 Houzz Renovation Barometer indicates the confidence for renovation activity is expected to fade. 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 fell five points from Q2 to 62, while the Project Backlog Indicator was down to 10.5 weeks in Q3 from 12 weeks during the previous three months. The Recent Business Activity Indicator dropped eight points to 63, due to a significant decrease in project inquiries and new committed projects.
Within the architectural and design sector, the Expected Business Activity Indicator for Q3 fell 13 points to 52 from Q2, based on expectation of less commitments to new projects. The Project Backlog Indicator decreased to 7.5 weeks and the Recent Business Activity Indicator fell seven points to 56.
The Houzz Renovation Barometer is an online quarterly survey of U.S. businesses with a Houzz account from June 30 through July 11. See Houzz