Back in Business
The phones are ringing
Things Are Looking Up.
After months of staying home, American homeowners are ready to make some changes.
Home Improvement going strong
According to May 2020 LightStream home improvement survey* homeowners are moving forward with or expanding projects at more than twice the rate of those cutting back or canceling planned projects.
Self-isolation made homeowners more aware of needed or desired home improvements. Nearly half of those planning home improvement projects plan to tackle outdoor projects (49%), followed by home repairs (35%), bathrooms (33%) and kitchens (32%). Parents are wanting to upgrade their outdoor spaces and install pools.
The calls are coming in
Last month homeowners were ready to make improvements and the tracked phone numbers confirmed it. In May advertisers in TheHomeMag SoCal issues experienced increased call volumes. Across the nation many of TheHomeMag markets reported higher call volumes year over year for the month of May.
Back to pre-COVID levels
According to two recent June reports, construction activity is returning to pre-coronavirus levels in many parts of the country and some firms are adding workers. Construction activity has returned to pre-coronavirus levels in 34 states, based on data on workers’ hours from Procore data findings. Contractors biggest challenges are delayed supplies and workforce shortages.
More stimulus
The stimulus and economic aid from the CARES Act contributed to the survival of the deemed essential construction and remodeling industries. The various government funding programs kept some small business from folding and helped others expand their operations. On June 22, the House proposed a measure, known as The Moving Forward Act, that seeks to invest $1.5 trillion in infrastructure. The goal of the proposed rebuild America bill is to reconstruct the nation’s infrastructure, restore demand for construction and reinvigorate our economy.
As we continue to spend more time at home, the renovation of our living spaces will become more important. We all look forward to a safe, healthy and bustling home improvement second half.
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| Need Financial Assistance? There are Small Business Administration programs and several Coronavirus Aid, Relief and Economic Security (CARES) Act temporary programs to assist small businesses. |
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Sources: survey by the Associated General Contractors of America and data from Procore
*LightStream May 2020 Pulse Survey was conducted by Wakefield Research
by Kathy Latus