Among residential renovation businesses, expectations for 2024 were improved compared with 2023, according to the latest Houzz State of the Industry report.
Houzz surveyed seven industry groups and found 61% to 71% are predicting good or very good performance in 2024, compared with 50% to 56% in 2023. The most optimistic group was interior designers, followed by design-build firms and general contractors. Revenue and profit increases were also anticipated.
However, six of the seven industry groups cited continued labor shortages in 2024 and predicted rising labor costs for the year.
The full Houzz State of the Industry can be found at this link.
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