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02/18/2022

One on One Video Series: Inside the numbers

With Grant Farnsworth, president of the Farnsworth Group.
Kenneth Clark
Editor in Chief
Kenneth Clark profile picture

Click below for the One-on-One Video Series interview with Grant Farnsworth, president of the Farnsworth Group. 

The ten-minute One-on-One Video Series interview touches on supply chain disruptions, material shortages and pricing matters. Farnsworth presents some top line survey results from Farnsworth Group's research on both the DIY and contractor sides of the home improvement business.

Among the numbers shared from the research of the Indianapolis-based firm: 70% of contractors reported at lest some material shortages in the most recent month, a figure that has remained consistent from month to month.

While supply chain restraints and labor shortages present real challenges, Farnsworth added said: "We're super bullish on home owners using equity in their homes to invest in home upgrades."

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farnsworth chart
Chart shows "severe" and "moderate" labor shortages remain in play.

Farnsworth offered the following additional research points pertinent to the discussion:
• Over 30% of residential contractors have tried a new supplier over the past year;
• In some categories over 25% of contractors have tried a new brand of building product for the first time over the past year;
• Over 90% of those trying a new brand of product are satisfied with that new brand;
• Only 6% of contractors did NOT make a purchase if availability was an issue. Meaning, while a specific product may not be readily available, pros are still making a purchase of something from someone.