The National Kitchen & Bath Association (NKBA) released its annual Market Outlook report. Its goal is to provide a thorough assessment of how various economic and housing market trends are impacting the kitchen and bath industry. The report provides a gauge of the current market size and a forecast for the entire year. NKBA commissioned the John Burns Real Estate Consulting firm (JBREC) to conduct the study. This analysis is based on various government and industry sources and JBREC’s own internal forecasting models.
Full-year industry revenues are expected to reach a record $199 billion, an anticipated growth of 19 percent for the second year in a row;
Rising costs will drive some homeowners to DIY projects, but 85 percent of remodels will include professional involvement;
Mid-spend projects will lead with annual growth of over 25 percent, topping the expected 21 percent for low price-point. Higher-end projects will likely pull back from their robust pace; and
Product shortages and labor issues aren’t going away soon due to K&B’s complex supply chain and record numbers of people exiting the workforce.
Click here to access the full report.