Houzz Publishes 2020 U.S. State of the Industry Report
Houzz released its 2020 State of the Industry study that surveyed 3,094 U.S. residential and design businesses. The study focused on a review of 2019 and outlook for 2020. Of the companies surveyed, more than half reported that 2019 revenue met or exceeded projections.
The cost of doing business increased for all industries in 2019 but was highest for general contracting, design-build and building and renovation specialty businesses. Most projects last year focused on residential services over commercial, except for architects whose work was divided between renovations, new home construction and commercial design.
The study showed an overall positive outlook for 2020, with all groups, except architects, expecting growth in the upper single digits. Architects were also more negative when predicting profit growth, with 16% estimating a loss in 2020. Compared to 2019, more businesses have a positive outlook on the national economy.
Houzz is a home remodeling and design social media platform for interior designers, remodelers, contractors, dealers and homeowners. See Houzz