NKBA members report the business impact of COVID-19 is waning in this week’s survey. By Dianne M. Pogoda

 

After no movement last week, the NKBA Pulse resumed its slide, as members overall rated the impact of the coronavirus crisis and resulting shutdown at 6.5, down 0.4 point from 6.9 the prior week.

The weekly member survey measures members’ sentiments about the effects of the COVID-19 crisis on their businesses on a scale of 1 (no impact) to 10 (significant impact).

Among the four member segments, building and construction pros’ rating dropped a full point, to 6.2 from 7.2. Manufacturers were next, down 0.5 to 6.3 from 6.8. Retailers rated impact at 6.7, down 0.3, and designers’ rating slipped 0.2 to 6.7 from 6.9. This was the first week that all four groups rated impact at 6.7 or lower. More than 600 members responded.

It’s not surprising that the impact has fallen as states have continued to loosen restrictions on businesses reopening, and especially since remodelers and contractors have been allowed to resume work in people’s homes.

NKBA’s weekly two-question survey measures the impact of the pandemic and resulting lockdown on members’ businesses, and whether demand for their goods and services is increasing, decreasing or staying the same.

As for demand, 17% of overall respondents said demand was decreasing, down 7 percentage points from 24% the prior week; 44% said demand remained the same as last week, which is up 7 points. There was no change, however, in the percentage of overall respondents who said demand for their goods and services was increasing. That number remained stable at 39%.

The number of designers (20%) and builders (11%) who said demand was falling were each down 9 percentage points from the prior week. Both of those member segments were up 7 points in saying demand was even with last week, while more designers and builders said demand was increasing week-over-week by 2 and 3 percentage points, respectively. There was no change among manufacturers reporting a hike in demand, but the number of retailers who said demand was rising was down 5 percentage points. This week, smaller companies with one to four employees caught up a bit to larger companies regarding increasing demand, as 24% of sole proprietors said demand was on the upswing, up 2%; 34% of companies with two to four employees said demand was up, a hike of 6%.

The NKBA Pulse will continue to poll members and report weekly. To participate in the poll, email marketresearch@nkba.org.