Each quarter The Farnsworth Group provides its Contractor Index to the industry.  We survey hundreds of residential contractors from five main areas:

• Remodeling Contractors (Remodelers, GCs
• Exterior Contractors (Roofers, Siding/Window Contractors)
• Finish Contractors (Painters, Flooring Contractors, Carpenters, Drywall)
• Mechanical Contractors (Plumbers, Electricians, HVAC)
• Landscape Contractors (Landscapers, Decking Contractors, Concrete)

Our Q1 Farnsworth Index was released last month.  The survey was conducted during the last two weeks of March, which was in the early stages of implications from COVID-19.  For the first time in over three years, we saw in a dramatic shift in Contractor sentiment towards their business and the overall market.

• Confidence in getting business over the next 6 months fell below positive sentiment for the first time.
• More expect their 12-month revenue to decrease compared to those that feel it will increase.
• There was a large increase in those saying their per-project revenue is lower.

However, there are also some interesting results that aren’t so negative.

• While they are not getting in as many leads or proposal requests, the ability to close leads and proposals has seen little negative impact.
• The quality of the leads they are getting are better than normal.  This suggests homeowners seeking work are more purposeful about doing the project.            

Be sure to check out the full report of our Q1 Farnsworth Contractor Index.  The Q2 Index will be conducted in mid-late May.  Results will be very telling as it will reflect activity during the most restrictive period of COVID-19.