Building materials manufacturers and construction companies are preparing for a mix shift away from new construction and toward repair and renovation (R&R) work. However, not all R&R work is equal. To understand the drivers of resilience in the R&R market, KPMG collaborated with Dodge Construction Network to share insights from a survey of 30,685 U.S. homeowners to understand project delay and cancellation dynamics, and challenges faced by project type.
The findings highlight that materials shortages and price increases had a minor impact on R&R project completions in 2021. Furthermore, homeowners seemed to rate those challenges as less severe than home builders, suggesting they were less likely to influence R&R decision making and spend.
There are likely to be pockets of opportunity in R&R for unplanned projects, alterations, and interior work; and among higher valued homes in suburban and rural settings, as these areas logged the highest on-time completion rates.