The recently released Q4 2022 Houzz Renovation Barometer indicates the confidence for renovation activity receded. 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 fourth quarter fell 12 points from Q3 to 50, while the Project Backlog Indicator remains at 10.5 weeks at the start of Q4. The Recent Business Activity Indicator dropped 21 points to 42 in Q3.
Within the architectural and design sectors, the Expected Business Activity Indicator for Q4 increased four points from Q3 to 56, based on higher expectations of new committed projects. The Project Backlog Indicator rose slightly to 7.6 weeks at the beginning of Q4 and the Recent Business Activity Indicator shrunk four points to 52 in Q3.
The Houzz Renovation Barometer is an online quarterly survey of U.S. businesses with a Houzz account from September 27 through October 5. See Houzz