NKBA revised market outlook shows rebound from COVID-19
The National Kitchen & Bath Association (NKBA) released its Market Outlook report showing the remodeling industry is largely recovering from its Q1 COVID-19-induced dip. According to the report, the percentage of homeowners actively working on remodeling projects increased significantly, from 19% in Q1 to 36% in Q2.
Additionally, more than one in five households (22%) wants to remodel soon, and many increasingly cite the need for more functional space as a driving factor. A significant percentage is also motivated to replace worn-out features (20%), repair damage (15%) and update their home’s design (14%).