Houzz Publishes 2019 U.S. State of the Industry Study
Houzz, a social media platform for home remodeling and design, released their 2019 State of the Industry study that surveyed 4,780 U.S. residential and design businesses. The study focused on a review of 2018 and outlook for 2019. Half of the companies surveyed reported that 2018 revenue met or exceeded their goals, however architects, general contractors, design-build and construction experienced a sharp deceleration in rates of revenue growth.
The cost of doing business increased for all industries but was most widespread for those within the construction sector, with three out of four businesses reporting 11-12% increases in the cost of products and materials. Most projects focused on residential services over commercial, with the majority relating to existing homes rather than new construction.
The study showed an overall positive outlook for 2019, with all groups, except architects, expecting growth in the upper single digits. Architects were also more negative when predicting profit growth, with 20% estimating a loss in 2019. All groups believe the economy will worsen in 2019. See Houzz