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Home Improvement Market Showing Signs of Wear and Tear

Wavebreakmedia Ltd FUS1506 / Alamy Stock Photo Wavebreakmedia Ltd FUS1506 / Alamy Stock Photo
The March numbers, released by the Farnsworth Group and the Home Improvement Research Institute, showed that only 28% of those surveyed believed that it was a good time to hire contractors.

A new monthly report shows that less and less customers are considering hiring contractors or completing home improvement projects and remodelings as the economy shows signs of stress in 2022.

The March numbers, released by the Farnsworth Group and the Home Improvement Research Institute (HIRI), showed that only 28% of those surveyed believed that it was a good time to hire contractors.

"In March, only 43% see now as a good time to do a remodel or home improvement project, which is the lowest since we started tracking last August," the report stated.

Project delays also showed a rise in March 2022, with roughly a quarter of projects experiencing delays, according to the report. 

"Of those with delays, 44% stated Pricing and Availability are the leading causes, which is twice as much as any other reason," the report stated. 

About 65 percent of homeowners who did at-home projects themselves stated they didn't hire a professional because of high costs.

Since the monthly reports by the Farnsworth Group and HIRI began last August, March 2022 logged the highest number of responses indicating that material availability is presenting real challenges. In total, 57% of those surveyed said material availability was presenting issues.

"Lumber and building materials such as roofing, insulation and drywall continue to be the toughest categories to get," the report stated.

One number that has remained stable despite economic challenges is the number of customers buying home-improvement products online, which remains at around 25 percent of those surveyed. 

Another silver lining was that 78% of those surveyed regarding do-it-yourself and do-it-for-me projects said they are planning to start a new project in the coming weeks.

"Those projects are most likely general maintenance, landscaping, gardening and painting," the report stated. "Price points and amount spent may be lower than prior years, but that does NOT seem to be reducing current project intent."

Click here to view the full March 2022 report.

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