The National Kitchen & Bath Association has revised its 2021 industry sales projection to $170.9 billion, up by a substantial 21.4% from last year’s $140.8 billion in kitchen and bath spending, and nearly 8% higher than the association’s initial estimate for the year.
The revised estimate, announced in early July, pegs kitchen and bath spending for new construction this year to exceed 2020 by 28.5%, as builders attempt to keep pace with substantial demand. Kitchen and bath remodeling spending is expected to climb by 12.5%, according to the NKBA, which said it based its projections on a review of current industry conditions as well as macroeconomic factors that are likely to impact business.
“This update is very encouraging and confirms the ongoing robust performance of the design and remodeling industry,” said Bill Darcy, CEO of the Hackettstown, NJ-based NKBA. “This very strong sales forecast is attributable to pent-up demand for new home construction, easing COVID disruptions and a sea change in consumer behavior.
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