Another optimistic outlook for the back half of this year for the building trade has been released by the National Kitchen and Bath Association.
The rebound in the building and construction field has been predicted for some time, even if its start date keeps getting pushed back. The National Kitchen and Bath Association is now forecasting things will get better in the third and fourth quarters of this year though the numbers for the full year will be down.
In its Q4 2023 NKBA/John Burns Kitchen & Bath Index report, issued during the association’s North American Spring 2024 Outlook, the group said there could be significant growth for the back half of this year. It sees both new construction and remodeling of kitchens and baths contributing to the rebound.
The NKBA is forecasting a 3 percent drop for the year for residential kitchen and bath spending with the overall market dropping to $173 billion. For the full year, it sees new construction falling more, 4 percent, than remodeling, which it projects will decline by 2 percent.
Still, the group is optimistic about the longer range growth the sector should experience. “This marketplace has so much opportunity,” said Sherry Qualls, a strategic consultant for NKBA. She said that “Supply chain challenges have resolved themselves along with innovation and the introduction of new products.”
A key factor impacting growth is likely to come from the remodeling side of the business, she said. Some 24 million homes will be entering their prime ages for remodeling over the next three years and with homeowners having built up a great deal of equity there are likely to be enhanced opportunities for contractors and builders who target this segment of the kitchen and bath trade.
