GOLDEN, Colo., Oct. 31, 2017 /PRNewswire/ -- Confidence remains strong among home improvement industry professionals and business owners according to the results from the Q3 2017 HomeAdvisor Farnsworth Index*. Close to 90 percent of respondents say they are confident in their ability to secure and complete new business in the coming year, with landscape and mechanical professionals reporting the highest levels of confidence. Additionally, 79 percent of home improvement companies expect an increase in revenue over the next 12 months, with landscapers and remodelers expecting the highest levels of increase.
"We are finally at the stage in the economic cycle where homeowners are taking on large projects, such as garage and basement conversions, whole kitchen and whole bath remodels and whole home makeovers," said Brad Hunter, chief economist for HomeAdvisor. "Most professionals reported that their average job is larger than it was 12 months earlier, while only 6 percent of respondents said their average project got smaller."
While home improvement professionals are confident about the state of their business, all sectors of the industry continue to report difficulty finding enough labor to keep the momentum in their business going. More than half of all professionals report that they have had challenges hiring skilled laborers in the past 12 months, with landscapers and exterior companies reporting the most difficulty.
"Companies continue to view the shortage of labor as one of the most important factors that could impede growth in the home improvement industry," Hunter said. "The most common expectation among companies who are experiencing hiring difficulties is that they would be able to grow their company by an additional 11 to 20 percent if not for the labor shortage. We will continue to monitor this closely, particularly in Florida and Texas, post hurricane."
The HomeAdvisor Farnsworth Index serves as the definitive monitor in the home improvement industry to track business confidence among trade professionals and small businesses. The Index provides insights on new business leads and inquiries, volume and quality of job backlog, labor availability and costs, government and regulatory climate and the economy. The Index is informed by a quarterly survey of thousands of home professionals and small businesses across 13 business categories including remodelers, carpenters, painters, plumbers and roofers.
To view the complete Q3 2017 Report results, visit the HomeAdvisor Farnsworth Index website page.
HomeAdvisor® is a digital marketplace evolving the way homeowners connect with service professionals to complete home projects. With HomeAdvisor's on-demand platform, homeowners can find and vet local, prescreened home service professionals; view average home project costs using True Cost Guide; and instantly book appointments online or through HomeAdvisor's award-winning mobile app, which is compatible with all iOS, Android and virtual assistants, including Amazon Echo. HomeAdvisor is based in Golden, Colo., and is an operating business of ANGI Homeservices (NASDAQ: ANGI).
About The Farnsworth Group
The Farnsworth Group is a custom market research firm with 30 years of expertise serving manufacturers and retailers in the building products, hardware, home improvement, lawn and garden industries. The Farnsworth Group provides actionable insights based on primary research and industry expertise to help clients evaluate the DIY and Contractor markets.
*Data included in the Q3 2017 HomeAdvisor Farnsworth Index is based on an online survey conducted by HomeAdvisor and The Farnsworth Group. The survey was conducted nationwide from August 9-25 among 1,277 respondents who work in at least one of the following 13 trade professions: remodeling, kitchen and bath, roofing, siding and windows, HVAC, plumbing, electrical, painting, carpentry, drywall, flooring, landscape and decking. Also, each respondent must have done at least 50 percent of their work on residential projects.