INDIANAPOLIS — Homeowners are still undertaking residential remodeling projects, but market headwinds – including supply chain delays, inflation and skilled labor shortages – are apparently resulting in the first signs of a slowdown in activity, a market research study has revealed.
According to the latest in a monthly series of “Home Improvement Trackers” conducted by The Farnsworth Group, its most recent survey of homeowners and professional remodeling contractors revealed that 68% of homeowners planned to start a project in the coming weeks, compared to 71% last month, while one in four have purchases less than originally planned due to market pressures, particularly due to product availability and cost.
“Since last summer, we now see a slow but long-term trend that shows fewer homeowners see this as a good time to start a remodeling project,” said The Farnsworth Group, an Indianapolis-based research firm specializing in the home improvement market.
“Desire is still high, but could continue dropping,” the researchers added, noting that home builder confidence is also declining.
Among other survey results:
n Among those homeowners who hired a professional remodeling contractor, June marked the highest percent of those who had trouble finding a pro.
n Availability remains the primary reason for project delays followed by material prices, “which have been gaining steam in recent months.”