According to an article at MultiBriefs.com, a site which claims to be “The leading source for targeted, industry-specific news briefs”, growth in the home remodeling sector looks strong for the foreseeable future. Remarkably, other reliable sources concur with this assessment of the marketplace, allowing for an extremely optimistic outlook for next year.
This is, of course, good news for interior designers, home furnishing dealers and suppliers, and contractors. “Coming on the heels of third-quarter indicators that showed sustained high levels of activity in the remodeling industry for the remainder of the year, recent longer-term projections forecast even higher levels of growth in the coming year and beyond,” the article said.Quarterly Growth in Home Remodeling It goes without saying that the natural disasters experienced by homeowners in Texas and Florida (and other southern states) at the beginning of Q4 this year have sparked the need for residential repairs. However, various assessments of the market have determined such demand is not enough to account for the consistent rise in remodeling activity throughout the year.In fact, the National Association of Home Builders reports its Remodeling Market index rose by 2 points in Q3, to 57, compared to the score for the second quarter. The index for current market conditions rose by just 1 point over Q3, but the index for future market indicators, at 58, was up 3 points.“Current market conditions increased one point from the second quarter of 2017 to 56. Among its three major components, major additions and alterations waned one point to 53, minor additions and alterations increased three points to 56, and the home maintenance and repair component rose one point to 58.”That assessment correlates with the findings of Houzz's third-quarter Renovation Barometer, which also found remodeling activity up quarter-over-quarter and remodeler sentiment optimistic about demand continuing into the fourth quarter. It also showed the level of backlogs had increased in recent months.Looking ahead to next year, longer-term projections are forecasting potentially even higher levels of demand. In releasing its third-quarter National Residential Economic Report, Metrostudy projects that the surge in remodeling activity that began in the second quarter will continue throughout 2018 and likely well beyond.In short, designers, suppliers, and contractors have great cause for optimism through the end of 2017 and well into 2018. If your design business has been slow this quarter, it’s time to be more proactive, since it seems the home remodeling work is out there!Looking for more new design trends, marketing tips, and ideas? Get in touch with TD Fall today.