Each quarter The Farnsworth Group provides its Contractor Index to the building products and lawn & garden industries. We survey hundreds of residential contractors from five main areas:
- Remodeling Contractors (Remodelers, GCs)
- Exterior Contractors (Roofers, Siding/Window Contractors)
- Finish Contractors (Painters, Flooring Contractors, Carpenters, Drywall)
- Mechanical Contractors (Plumbers, Electricians, HVAC)
- Landscape Contractors (Landscapers, Decking Contractors, Concrete)
Our Q2 - 2021 Farnsworth Contractor Index is now available. Results show increasing optimism across the board, and in some cases contractor sentiment is more positive than pre-pandemic levels. Our Index shows that contractor confidence on their business has been increasing since Q1 – 2020 along with their quality of leads and increasing project revenues. While Labor and Availability remain concerns for contractors, their volume of business is reaching or acceding pre-pandemic levels.
Below are key takeaways from the Q2 2021 Farnsworth Contractor Index.
- Confidence is at a 6-quarter high reaching 8.2/10 in Q2 2021.
- Confidence among Exterior contractors is at pre-pandemic levels
- Confidence among Mechanical trades is nearing pre-pandemic levels
- 68% of residential contractors expect to increase their company revenue in Q2 up from 54% in Q1.
- On average contractors expect to increase their revenue by 11-20% over the next 12 months.
- 49% of contractors reported having challenges hiring skilled labor over the last 12 months.
- 38% of contractors reported increased project revenue of the last 12 months.
Be sure to check out the full report of our Q1 Farnsworth Contractor Index by downloading the full report today. Contact us for industry insights on what this means to your business and what to be paying attention to going forward regarding your customers, brand and products.
To better understand your customer, brand, product or market, schedule time to speak with us about our custom research approach that will provide you detailed insights specific to your business.