Professional contractors working in the home improvement industry continue to face challenges due to supply chain shortages and high prices. These are not new roadblocks: Just look at the Home Improvement Research Institute's (HIRI) professional "Monthly Pro Tracker", and you'll see that price increases have been affecting pros in the industry for some time.
This month, we are back with another update from the pro tracker. The ongoing survey, conducted in partnership with The Farnsworth Group, is distributed to respondents across various construction and remodeling trades. Results provide insight into how contractors deal with disruptions in the market. The latest iteration shows that material availability continues to be the biggest cause of delays, just as it has been since the fall. However, June also marks the sixth straight month that respondents reported material prices as the top limiting factor in a majority of projects.
Another interesting takeaway from the June report? After a significant increase in the number of professionals who reported trying a new product for the first time (46% in May), the tracking fell back closer to what we've been seeing in previous months. The difference this time is we are seeing an growing number of pros who have been trying a new brand or manufacturer for the first time. Between high pricing and widespread material shortages, this may be a solution pros are turning to as they find their longtime favorites unavailable or out of budget.
Here are some additional key insights from the pro tracker:
- Only 24% say they have not had a material shortages in the last month, the lowest reported since HIRI began tracking.
- Among all tracked materials, lumber and plywood continue to be the most difficult to obtain, but flooring supply orders are getting tougher too.
- Only 11% are seeing their material delays at less than a week, while nearly half are seeing delays of more than two weeks.
- COVID-19 is becoming less of a cause for project delays.
On the bright side, changes in availability present opportunities for companies in the home improvement category. Can your brand or product step up to help professional contractors solve the issues they're facing on the front lines? Now is the time to connect with your target audience and show them why a switch to Product XYZ will be a choice they'll appreciate long after the economy turns upright.
Our pro tracker will continue to relay contractor sentiment from the field every month. Join HIRI to get instant access to the full reports as they are released.
