Build-only remodelers are anticipating dwindling activity in the fourth quarter of 2023, according to the latest Houzz U.S. Renovation Barometer.
The sector’s optimism waned from a level of 54 for the third quarter to 41 for the fourth quarter.
“Despite this outlook, activity continues and backlogs remain at least one week longer than they were last year for the construction sector,” Houzz Staff Economist Marine Sargsyan said in a statement.
Design-build firms proved slightly more optimistic, with an expected business indicator of 53 points, meaning more businesses anticipated growth than decline.
Overall, Houzz’s Expected Business Activity Indicator related to project inquiries and new committed projects dropped from 54 to 47 for the fourth quarter.
“Expectations for project inquiries decreased to 46, compared with 54 in Q3, and new committed projects are at 47, down 6 points relative to Q3 expectations (53),” Houzz stated.
