Each quarter The Farnsworth Group provides its Contractor Index to the industry. 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 Q1 - 2021 Farnsworth Contractor Index is now available. Results show increasing optimism across the board, though not yet to pre-pandemic levels. Contractors are the most confident they have been in over a year. Here are some key takeaways from this quarters Contractor Index.
- Q1 2021 project activity is greater than Q1 2020, with the largest YOY increase among Remodelers.
- ‘Quality of leads’ continues to remain better than pre-pandemic levels.
- ‘Ability to close leads’ is higher than pre-pandemic levels in most cases. This is the result of quality leads, i.e. homeowners intent on doing the work.
- ‘Lead volume’ remains higher in most cases than pre-pandemic levels signaling strong contractor activity for months to come.
- Confidence among all contractor segments is up a full point YOY – 6.74 in Q1 2020 to 7.74 in Q1 2021.
- 54% of residential contractors expect to increase their company revenue in 2021 over last year.
- Most expect to increase their revenue in 2021 by 10-20%.
Be sure to check out the full report of our Q1 - 2021 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.