COVID-19 Concerns Among Contractors Seen Lessening
INDIANAPOLIS — While professional home improvement contractors “remain concerned” about the impact of COVID-19 on their businesses, their degree of concern “may be lessening,” according to the final in a series of weekly surveys conducted by the Home Improvement Research Institute.
The Indianapolis–based HIRI said this week that it has seen a steady decline in concern among contractors regarding their finances. In contrast, HIRI said it has witnessed an increased concern among surveyed contractors in obtaining leads and getting materials needed for home-improvement projects.
HIRI has partnered with the market research firm The Farnsworth Group to provide weekly updates regarding COVID-19’s impact on the home improvement industry.
Home improvement product purchases, like nearly every aspect of the U.S. economy, posted “a significant downturn” in the tail end of the first quarter, and throughout the second quarter, HIRI said, noting, however, that home improvement “has not been hit as hard (by the COVID-19 pandemic) as other industries, and a strong recovery is expected.”
“While sales have dropped in recent months, demand still remains high, with inventory being a choking point,” HIRI said.
The organization projected that expenditures in the home improvement market would total slightly more than $365 billion this year, with roughly one-third in the professional sector.