Last month, Houzz, the leading online platform for home improvement, released the Q2 results of the 2015 Houzz Renovation Barometer. The study aims to measure industry optimism among remodeling professionals. The findings are pretty telling.
According to the report, industry confidence continued to grow in the second quarter of the year. Thanks to increased gains in inquiries as well as number and size of new projects, it looks like the remodeling market will be back to its pre-recession condition in no time. In fact, a good number of professionals have already reported pre-recession revenues and profits this early. Experts are optimistic that good business will continue in Q3.
Here are some local statistics that pleasantly surprised us:
- Business activity reading for General Contractors (GCs) and Remodelers in Michigan was at 76 this quarter. That means a majority of siding, windows, and roofing contractors in Troy, MI, and the rest of the state reported an increase in number of inquiries as well as actual projects and orders. Many experienced an uptick in project/order scale and size, as well.
- Michigan GCs and Remodelers anticipate even better business activity readings for Q3. The expected reading for next quarter is at 81, which is 20 more than last year’s actual Q4 value. It only means that local pros are as optimistic as the rest of the country about the future of the remodeling market.
- Average business activity reading for the entire Midwest went down a few notches from Q1.However, Q3 projections are still looking good. The previous winter may have taken a toll on the remodeling market, but professional firms and contractors remain positive about catching up in the latter part of the year.
Tittle Brothers Construction joins other experts in roofing in Troy, MI, in staying optimistic about the state of the remodeling market. Our business is doing well, thanks to the trust and confidence you have placed in us. As a way of giving back, we will do the best that we can in providing you with even better products and services for the rest of the year!
Got a home improvement project for us? Give us a call at (877) 228-5658 today for a free in-home estimate.