PALO ALTO, CA — More than three quarters of businesses in the construction and architectural/design services sectors report that product and material shortages and costs impacted their businesses in the second quarter of this year, while more than half of firms in both sectors report labor shortages and costs impacted their businesses, according to Houzz, Inc., the Palo Alto, CA-based online platform for home remodeling and design.
According to the Q3 2021 “Houzz Renovation Barometer” – which tracks residential renovation market expectations, project backlogs and recent activity – more than nine in 10 businesses across both sectors reported second-quarter increases in costs for lumber, copper, steel and aluminum, although about half of the surveyed businesses do not believe that costs will continue to increase in this year’s third quarter. Additional materials that construction pros anticipate increasing in cost include plastic, concrete, paint, foam, and drywall. Interior designers anticipate increased prices for appliances, furniture, and cabinetry in the third quarter, Houzz said.
More than nine in 10 construction businesses report moderate to severe skilled labor shortages, with carpenters, laborers, framers, cabinet specialists and plumbers in particularly short supply.
The Houzz Barometer also revealed that construction pros experienced their busiest quarter in six years, and that confidence among construction and design businesses for home renovation activity remains strong.
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