The results from the Q3 2023 Farnsworth Quarterly Contractor Index reveal rebounding confidence among residential pros compared with the second quarter. Those surveyed reported their businesses were noticeably busier in Q3 2023 than during the quarter prior, with the strongest backlogs noted by remodelers, mechanical trades, and landscaping contractors.
Not only are new building projects becoming more frequent, but they’re also increasing in size. More than one-third of contractors said their projects grew in size on a quarterly basis as consumer confidence rose in tandem with home equity, The Farnsworth Group reports.
The mindset of the customer is strong and that is having a positive impact for home improvement, which we see in how professional contractors view the present and future outlook of their businesses.
Looking ahead, we see continued and even improving volume of new leads contractors are receiving; plus, the quality of leads is strong. This suggests pros will be taking on increased projects.