Roughly 70% of remodelers expect some sort of revenue gain this year and 45% predict they'll grow by at least 10% in both 2014 and 2015, a new survey finds.
That level of optimism among the 880 remodelers polled puts them behind building material dealers and new-home builders but ahead of residential architects who took part in the same survey. Nearly 2,350 people in all those groups were questioned by The Farnsworth Group in July. Hanley Wood, the parent company of REMODELING, revealed the results on Sept. 10 during its Foundations Conference in Chicago.
Here are each group's predictions for likely revenue changes this year and next:
| 2014 Revenue Forecast | > 10% | 0-10% | No Change | 0 to -10% | > -10% |
| SF Builders | 49% | 23% | 17% | 5% | 7% |
| MF Builders | 48% | 31% | 15% | 4% | 2% |
| Remodelers | 45% | 24% | 19% | 5% | 6% |
| Res. Architects | 42% | 24% | 22% | 8% | 4% |
| Dealers | 52% | 34% | 8% | 5% | 1% |
| 2015 Revenue Forecast | > 10% | 0-10% | No Change | 0 to -10% | > -10% |
| SF Builders | 46% | 28% | 19% | 3% | 4% |
| MF Builders | 54% | 24% | 20% | 1% | 1% |
| Remodelers | 45% | 27% | 22% | 3% | 3% |
| Res. Architects | 43% | 20% | 23% | 9% | 4% |
| Dealers | 51% | 38% | 8% | 2% | 1% |
Source: Farnsworth Group survey for Hanley Wood conducted July 2014
The survey also asked remodelers to name the top positive and negative factor affecting revenues since 2013.
The top positive factor cited was:
- Consumer Demand (28.1%)
- Consumer Confidence (26.8%)
- Strength of the Economy (26.5%)
The top negative factor cited was:
- Strength of the Economy (19.8%)
- Limited Sources of Capital (9.2%)
- Availability of Qualified Employees (8.6%)
