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Two in five residential companies expect this will be a good or very good year (40 percent), and 42 percent express a neutral outlook. Design and build firms are the most optimistic, with 62 percent anticipating a good or very good year, followed by interior designers (48 percent).
INCREASED DEMAND ANTICIPATED
In 2023, a larger share of businesses believe that demand for their services will improve (52 percent), rather than decrease (31 percent). Design and build firms, in line with their overall outlook for business in 2023, feel confident about demand this year, with almost three-quarters anticipating an increase (73 percent).
EXPECTATIONS FOR REVENUE
More businesses among the industry groups surveyed expect increases in revenue in 2023 (50 percent) than those expecting decreases (21 percent), albeit the sentiment is less widespread than last year.
COSTS OF DOING BUSINESS RISE
More firms across all of the industry groups cited an increase in the cost of doing business (82 percent) versus those citing a decrease (4 percent), with the share of businesses reporting an increase rising by five percent age points this year (82 percent compared with 77 percent in 2021).
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