COVID-19 Contractor Research Insights
Optimism and increased contractor activity looks to continue even during traditionally slower months.
February continues the decline in contractors seeing product delays or cancellations with 66%, down from itspeak of 85%. All regions saw declines month over month.
For the first time in many months, ‘homeowner financial concerns’ actually decreased as a reason for those delays or cancellations. However, 50% of contractors said it was still an issue.
One interesting trend happening this year is the amount of time contractors expect projects to be delayed. Fewer are saying ‘More than 3 months’ and more contractors are now saying ‘Less than a month’. This is a good sign for our industry because shorter delays have less impact on contractors’ production.
In-store purchases remain strong and online purchases remain stable.
Project requests are normalizing but project size is beginning to show signs of larger projects than normal. This is inline with our industry expectations as we see home values continue to rise, inventory of homes for sale remain low, and lending rates remain low. Nearly 25% of contractors said their project sizes are larger than pre-COVID.
Project close rates are also improving with nearly 30% seeing better closure rates than pre-COVID. Yet another positive sign that contractor business is improving.
Despite positive movement, concerns about COVID among Contractors remain.
There was no change month over month with the % of contractors we surveyed that have received the COVID vaccine. We saw again that roughly 50% would take the vaccine with 25% not planning to take it when offered.
Additional 2021 Survey Questions
Given the impact COVID-19 Vaccines may have on market behavior, we will now track Contractor responses to questions about vaccines. In January, roughly 90% have not received any vaccine, with larger firms seeing higher vaccination rates. Over 25% said they are not likely to get a vaccine even when it’s available to them.