The Farnsworth Group recently released the third-quarter 2021 results of its Farnsworth Contractor Index.
In creating this index, the Farnsworth Group said it wanted to better understand trending data across various topics of the home improvement market on a quarterly or biannual basis.
The sample for the study included 515 respondents across various construction and remodeling trades within the five industry segments.
"Exterior contractors, which includes roofing, siding and window trades, are as confident now as they were pre-pandemic," Grant Farnsworth, president of the Farnsworth Group, told Roofing & Exteriors. "Their confidence to get business, their volume of leads and their quality of leads have rebounded over the last five quarters. This suggest strong tailwinds heading into Q4 and beyond."
On a scale of 1-10, exterior contractors' confidence in their company’s ability to get new business in the next six months grew from 8.1 during the first quarter to 8.5 in the second quarter, where it remained in Q3.
Those respondents also expect their company's revenues to increase over the next 12 months.
Of course, those in the construction industry have dealt with the labor shortage. However, things have improved for exterior contractors—44.2% of those respondents said they've had challenges hiring skilled laborers over the past 12 months. That's down from 50.8% in the Q2 index.
The Farnsworth Group also polled contractors on new business leads/inquiries, business confidence, more about labor and government regulations.
Get the full report here.