According to an article recently released by Qualified Remodeler, a new weekly survey of home-improvement contractors shows that conditions have improved after the initial COVID-19 lockdown crisis. If you would like to keep track of conditions yourself, the Farnsworth Group and Home Improvement Research Institute (HIRI) provide frequent updates on how coronavirus is affecting the industry. So far, we are in week 6 of these updates.
According to the Weekly COVID-19 Tracker, contractors are still concerned about how the virus is impacting business, but those who responded to the survey are seeing improvements. In addition, the actual degree of concern has leveled out and started to drop. At the same time that concern about customers being able to pay their balances, seems to have fallen, other concerns are now on the rise, specifically concerns over getting new leads and the availability of materials.
Although contractors are still experiencing delays and a rash of cancelled projects, it looks as though we are at or have surpassed the apex of the arc. The week 6 analysis shows that larger firms have been able to deal with the coronavirus impact while smaller companies are falling short, with some grasping at straws and others having to close. So far, it looks like the larger the company, the better it has been handling the situation.
One of the most promising points of the new, weekly study is that project requests and closures are making a comeback. A lot of small projects are being put on hold, but many homeowners who are determined to get large, high-quality projects completed are closing at above-normal rates.
I highly suggest taking a look at the original Weekly COVID-19 Tracker from the Farnsworth Group and HIRI where you can peruse a bevy of charts, graphs and analyses, and you can sign up for instant access to the full, detailed report, which is segmented by company size and location.
