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 Q4 Farnsworth Index was released this month. Results show increasing optimism across the board, though not yet to pre-pandemic levels. With contractors feeling confident about getting new business in the next 6 months, their expectations for increased revenue next year is also rising.
- Confidence among all contractor segments hit a 4 quarter high. Mechanical trades (HVAC, Plumbing, Electrical) saw the largest increase from Q3 to Q4.
- For the first time this year, over 50% of all trade segments expect to increase their company revenue in 2021 compared to 2020.
- Roughly 30-40% of contractors reported their average revenue per project having increased over the last 12 months, supporting other indicators of larger project opportunities in the current market.
- Most trade segments are reporting they are as busy or busier in Q4 2020 than Q4 2019.
- The ability of contractors to close leads and the quality of those leads is at or above historical norms.
Be sure to check out the full report of our Q4 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.