42% of Pros Experiencing Ongoing Labor Availability and Quality Challenges According to Data from HIRI

Indianapolis, IN, April 17, 2023 --(PR.com)-- At the end of February, 2023, Dave King, the Executive Director of HIRI, reported to HIRI members and other stakeholders in the home improvement industry the following:

- Top Insights Throughout 2022 from the Homeowner and Pro Monthly Trackers.
- What to Expect in our 2023 Monthly Tracker to Better Position Your Organization in a Changing Economic Environment.
- Tracker Results from the Beginning of 2023.

Of major note, within the home improvement industry, the supply of quality, affordable labor will be a lingering issue through 2023.

Roughly 4 in 10 Pros are reporting labor shortages. This is up from 3 in 10 this time last year.

So far in 2023, Pros are reporting ongoing challenges with
1. Material Availability and Costs
2. Labor Availability and Quality
3. Generating and Closing New Leads

According to Dave King, Executive Director of HIRI, “Labor is going to be a consistent issue in 2023. When looking at labor as a reason for (home improvement project) delay, it is fairly consistent. Part of the interpretation of this is that Pros are getting better at understanding the right level of backlog.”

This assessment is rooted in data from the monthly tracker conducted by The Home Improvement Research Institute, in partnership with The Farnsworth Group. This ongoing, monthly study of roughly 250 Pros keeps a steady pulse on what contractors see, think, and are doing right now in the home improvement arena.

The most current data from this monthly study is available at Hiri.org/Research/Monthly-Pro-Tracker

According to the report, 42.2% of contractors are experiencing some form of labor shortage in the beginning of 2023.

During the Q&A portion of the Home Improvement Research Institute's recent webinar addressing home improvement buyer behaviors and attitudes, several attendees were also interested in understanding the influence of the Federal Reserve interest rate changes on consumer behaviors, as homeowner behaviors drive contractor behaviors.

To listen to the full presentation, simply copy this URL into your browser:
Hiri.org/Webinars/Webinar-Hiri-Monthly-Tracker-2022-in-Review-and-2023-Outlook

While the majority of HIRI webinars covering the state of the home improvement industry are only accessible to HIRI members, once per quarter, a free webinar is made available to all stakeholders in the industry. The full, complimentary webinar recording and accompanying slide deck is available, free, at Hiri.org/Webinars/.