Since mid-March, The Farnworth Group and the Home Improvement Research Institute have been surveying home improvement contractors on a weekly basis to keep track of sentiment and impact (as it pertains to COVID-19). The data is comprehensive, covering everything from how the virus has affected jobs to what the future outlook is among contractors, to more specific insights, like how coronavirus has impacted building material purchasing. W
Pro Remodeler has chosen to highlight three datapoints from the weekly survey. However, if you'd like a more comprehensive look at the data, please find the full results here.
Job Delays Persist
While there's been a slight dip in reported delays from COVID-19, the majority of contractors are still experiencing a slowdown as a result of the virus.
Of the reported delays, the majority have come from homeowners being wary of allowing remodelers into or around their homes—which jives with anectodes our editors have heard from around the country. There are signs of homeowner concerns—namely social distancing and money—becoming less and less. However, that may only be a result of more company- and government-mandated policies making remodels impossible, regardless of homeowner willingness.
Since TFG and HIRI started collecting data, at least half of contractors every week have admitted to being "extremely concerned" about how their businesses will fare against the virus and its impacts in the coming weeks. But in the most recent update to the survey, that concern dropped below 50%. Remodelers are still concerned, as the above graph shows, but a dip in the most extremely concerned could signal a new optimism in contractors' ability to operate and survive through the current crisis. We will continue montioring the Tracker to see if the optimism remains.