As always, it’s important to keep up with the latest news in the construction industry, especially in the beginning of the new year to see what’s trending. This can help you plan for the year ahead.
Just a few months into 2017, we’re seeing reports of an increase of spending in the remodeling industry and what homeowners are looking for this year. See a few of the top industry headlines.
If you’re a remodeling pro, now is a great time to sign up with CraftJack and start receiving remodeling leads in your area.
Homeowners Plan To Spend On Remodeling Projects In 2017
Great news for remodeling pros! A recent survey by LightStream revealed that 59% of homeowners are planning to spend money on remodeling projects this year. Of those homeowners who are planning, 42% are planning to spend over $5,000 on their remodeling project.
Here’s a breakdown of the top projects homeowners are looking to complete in 2017:
- Outdoor Living & Decking
- General Home Repair
- Bathroom Remodel
- Kitchen Remodel
If you’re a pro in any of these trades, you should be on the lookout for more business coming your way.
More Home Buyers Looking For Energy-Efficient Features
A hot topic in home remodeling and home buying right now is sustainability. That means more homebuyers are looking for these features and homeowners are remodeling to accommodate. A recent report from the National Association of Home Builders shows that having energy-efficient appliances and features can greatly influence a buyer’s decision. Here are the top 5 energy-efficient features homeowners are looking for:
- Washer & Dryer
- Energy-Star Home Appliances
- Exterior Lighting
- Energy-Star Home Rating
- Energy-Star Windows
Pros should be looking for ways to incorporate green innovations into projects. Stay up to date on the latest technologies for your trade.
New Flooring Trends Announced
The latest trends of the year are out and pros should be taking notice. Most recently, the International Surface Event held its annual trade show in Las Vegas, revealing what flooring pros can expect to see more of this year. At the forefront was Luxury Vinyl Tile, with new styles that homeowners are sure to love. Making a comeback was carpeting, as the latest innovations provide homeowners with easier cleaning and more sustainable options.
Hardwood flooring will always be a timeless look. However, due to the rise in the rustic style, homeowners now desire a more natural look for their floorboards. They are also at looking at larger boards for their flooring as well. They are looking for flooring pros who can help!
Existing Home Sales Decline Nationwide
According to Zillow’s home sales forecast for January, existing home sales have fallen 0.3% since December across the nation. Seasonality usually affects home sales in January. This trend varies by state however. For example, New Jersey saw a large increase in existing home sales for the month of January, the highest it’s been since 2005. For pros in New Jersey, they should be on lookout for more leads in their area. Zillow expects existing home sales to rise to 0.5% or 5.5 Million units by the end of January 2018.
However, Zillow also reports that new home sales will rise to 2.4% and are expected to grow as the year continues. Expect to see more new homes in warmer climates, as 40% of new home starts were in the South.
Skilled-Labor Shortage Impacting Home Building
In the beginning of 2016, we reported on the skilled-labor shortage negatively affecting the construction industry. As of February 2016, 76% of business owners found it difficult to find new employees, even though there was work available. This is due to younger generations of workers not being as eager to enter the field. Now, as homebuilding continues to grow, the skilled labor shortage is becoming an increasing problem.
According to The Bureau of Labor Statistics Job Openings and Labor Survey, 200,000 construction industry jobs are unfilled, as of February 1. The reason cited is not enough training available for those who are interested.
If you’re a business owner with young employees, seek out ways to get them proper training in your trade. This can not only go a long way for your business, but the industry as well. Become a mentor to them and help them to navigate where they want their career to go. As mentors, we often learn from the younger generation as well. Keep this in mind as you consider how you can best train the next generation of skilled workers.
As March begins, we have an optimistic look for the rest of the year. It’s likely that pros will see more business coming their way due to the increase in homeowners who plan to remodel. Stay up to date with the latest headlines to see more of what might impact your business.
Looking for more trends you can expect to see this year? Read Construction Forecast 2017 .