Qualified Remodeler Magazine

JUN 2018

Qualified Remodeler helps independent remodeling firms to survive, become more professional and more profitable by providing must-have business information, namely best business practices, new product information and timely design ideas.

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QualifiedRemodeler.com QR June 2018 11 8.7 last quarter. Exterior specialists confidence was highest of the groups polled, rising to an extremely high 9.2 (compared with 8.8 the same quarter a year earlier). • 55 percent of contractors said their average project size has increased over the past 12 months. Only 5 percent of pros reported a decrease in average project size. Exterior contractors saw the most dramatic increase in the average price tag of a project (coming in at 55.3 percent in the first quarter, versus 52.7 percent the same quarter a year ago). • Home improvement companies report- ed an increase in average project size clustered around 6 to 10 percent larger. • Confidence in the ability to find enough labor is still an issue: 54 percent of businesses surveyed reported chal- lenges hiring skilled workers, with the most acute issues being in landscap- ing companies at 62 percent, up from 57 percent a year ago. economist, pricing and purchasing, IHS Markit. "Survey data suggest that subcon- tractors are having difficulty finding workers and that tight labor supply is a challenge throughout the construction industry. We expect to see continued increase in construction labor costs over the coming years as employers compete for workers and invest in training new employees. Cost escalation will be strongest in the U.S. West Coast and Gulf Coast regions." INDUSTRY DATA Home improvement pros see revenue jump The HomeAdvisor/Farnsworth Group quarterly index show very strong confi- dence among home improvement firms, with 82 percent seeing revenue growth in the next 12 months. Only 0.7 percent said revenues would decline. Other key findings of the survey include: • Home improvement companies rated their confidence 8.8 (out of 10), up from INDUSTRY DATA Construction costs rise for 19th straight month Construction costs increased for the 19th straight month in May, according to business-information provider IHS Markit. Price increases for materials and equip- ment were more widespread in May; the index posted a gain of 1.7 points, reaching 67.4. Prices were up in all 12 categories. The three steel categories—fabricated structural steel, carbon steel pipe and al- loy steel pipe—moved even higher in May, indicating that steel price increases are being widely felt. Along with higher steel costs, concrete prices pushed significant- ly higher in May with the pricing index increasing 3.6 points to 61.1. The indexes for turbines and electrical equipment fell in May, but remain above the neutral threshold of 50. "The unemployment rate for construc- tion workers fell to 5.8 percent in the first quarter, a full percentage point lower than in Q1 2017," said Emily Crowley, principal © 2 0 1 7 Delta Faucet Company We make the difference for remodelers. A technology activated by touch, in styles that match clients' tastes. Delta ® Touch 2 O ® Technolog y—the first of its kind— lets users start and stop water fl ow simply, by tapping anywhere on a faucet's spout or handle. Available in more styles than ever, including our modern, elegant Trinsic ® Collection, it's a breakthrough that enhances kitchen remodels, and captivates clients. Learn more about our innovative styles, technologies and support at DeltaFaucet.com/Pro For more info circle 53

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