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Kitchen & Bath Demand Hits ‘All-Time High,’ NKBA Reports
June 15, 2021
HACKETTSTOWN, NJ — Demand for kitchen and bath remodeling is at “an all-time high,” as COVID-19 vaccination rates increase and permanent, hybrid work-from-home lifestyles are encouraging consumers to reconfigure their home layouts.
That’s the key finding of the Q1 2021 Kitchen & Bath Market Index (KBMI), a quarterly barometer that measures the current strength of the kitchen and bath industry, along with the expectations and challenges facing four major sectors – design, manufacturing, retail and building. KBMIs are issued by the National Kitchen & Bath Association in conjunction with John Burns Real Estate Consulting, an independent research and consulting firm for the housing industry.
The NKBA and John Burns Real Estate Consulting reported last month that the Q1 KBMI soared to a rating of 79.8, its highest score since the inception of the index. The rating marks an increase of 14.8 points from the previous quarter, and a 38.8-point improvement from the same time in 2020. Scores above 50 indicate expansion and scores below 50, contraction.
The following trends are expected to impact the industry through 2021:
- NKBA members are seeing larger projects as homeowners invest in whole-home reconfigurations and luxury finishes. Designers also cite permanent work-from-home lifestyles as a catalyst for the shift to high-end, higher-priced materials.
- The primary obstacle for members is sourcing affordable materials, as delays and price hikes make it difficult to maintain profit margins. More U.S.-based sourcing could be likely as import delays and pricing become more severe and firms are sourcing outside their approved vendor list to accommodate. Appliances have been the most difficult products to source.
- The majority of surveyed firms are increasing labor rates to maintain current staffing levels and bolster recruitment efforts, but these increased costs aren’t expected to deter demand.
- With the surge in remodeling demand, 67% of building and construction firms report a backlog of 3+ months and of that, 21% have a backlog extending through 2021.
- With the pandemic affecting many industry professionals, the already strained labor market continued to dwindle. In response, over 60% of companies report increasing labor rates to retain current staff and of the companies reporting labor rate increases, almost half report increasing labor rates by 10-19%.
You can read the full article HERE.
Source: www.kitchenbathdesign.com
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