Interior designers are most optimistic about 2022: Interior designers and decorators are the most optimistic about revenue growth in 2022 (77 percent), followed by home builders and building designers (76 and 72 percent, respectively). Companies across all industry sectors plan to grow revenue by increasing marketing and sales efforts and increasing prices, markups and margins (52 percent, each).
Revenue growth surpassed expectations in 2021: In 2021, a larger share of businesses reported year-over-year revenue growth than in the last four years(70 percent). Two-thirds of companies reported that revenue growth was at or above their initial expectations for the year (66 percent). Nearly 4 in 5 interior designers reported increases in gross revenues in 2021 (79 percent), followed by building designers and home builders (67 and 63 percent, respectively).
Hiring is on the rise: More than a quarter of businesses increased headcount in 2021 (28 percent), compared with only 17 percent of businesses who added employees in 2020. Home builders were the most likely to hire last year (47 percent), compared with interior designers and building designers (32 percent, each). Hiring is expected to continue among a third of businesses in 2022 to support revenue growth (34 percent).
Increases in the cost of doing business: Nearly seven in 10 businesses reported an increase in the cost of doing business in 2021 (69 percent). Home builders were the most impacted by rising costs (84 percent), followed by interior designers and building designers (70 and 50 percent, respectively). Price volatility of products and materials was one of the top challenges reported by one in five businesses (22 percent).
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Revenue growth surpassed expectations in 2021: In 2021, a larger share of businesses reported year-over-year revenue growth than in the last four years(70 percent). Two-thirds of companies reported that revenue growth was at or above their initial expectations for the year (66 percent). Nearly 4 in 5 interior designers reported increases in gross revenues in 2021 (79 percent), followed by building designers and home builders (67 and 63 percent, respectively).
Hiring is on the rise: More than a quarter of businesses increased headcount in 2021 (28 percent), compared with only 17 percent of businesses who added employees in 2020. Home builders were the most likely to hire last year (47 percent), compared with interior designers and building designers (32 percent, each). Hiring is expected to continue among a third of businesses in 2022 to support revenue growth (34 percent).
Increases in the cost of doing business: Nearly seven in 10 businesses reported an increase in the cost of doing business in 2021 (69 percent). Home builders were the most impacted by rising costs (84 percent), followed by interior designers and building designers (70 and 50 percent, respectively). Price volatility of products and materials was one of the top challenges reported by one in five businesses (22 percent).
Download the Full Report