Each quarter The Farnsworth Group provides its Contractor Index to the building products and lawn & garden industries. The group surveys hundreds of residential contractors from five main areas:
- Remodeling Contractors (Remodelers, GCs);
- Exterior Contractors (Roofers, Siding/Window Contractors);
- Finish Contractors (Painters, Flooring Contractors, Carpenters, Drywall);
- Mechanical Contractors (Plumbers, Electricians, HVAC);
- Landscape Contractors (Landscapers, Decking Contractors, Concrete)
Results show increasing optimism across the board, and in some cases, contractor sentiment is more positive than pre-pandemic levels.
Index shows that contractor confidence in their business has been increasing since Q1 – 2020 along with their quality of leads and increasing project revenues. While Labor and Availability remain concerns for contractors, their volume of business is reaching or acceding pre-pandemic levels.
Below are key takeaways from the Q2 2021 Farnsworth Contractor Index.
- Confidence is at a 6-quarter high reaching 8.2/10 in Q2 2021;
- Confidence among Exterior contractors is at pre-pandemic levels
- Confidence among Mechanical trades is nearing pre-pandemic levels;
- 68% of residential contractors expect to increase their company revenue in Q2 up from 54% in Q1;
- On average contractors expect to increase their revenue by 11-20% over the next 12 months;
- 49% of contractors reported having challenges hiring skilled labor over the last 12 months;
- 38% of contractors reported increased project revenue in the last 12 months.
Check out the full report of our Q1 Farnsworth Contractor Index by downloading the full report.