Industry Sales Projection Revised Sharply Upward by NKBA
HACKETTSTOWN, NJ — 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.
“People will continue to work from home in some capacity, fostering renovation of their space to meet their evolving needs. A tight inventory of homes for sale is also encouraging homeowners to stay put and renovate. That’s good news for our industry.”
Darcy cautioned, however, that there are “a few bumps in the road.” For example, he said, home prices continue to rise, and the cost of building materials is still high, a combination that’s excluding some potential buyers from the market; the employment picture still hasn’t fully recovered to pre-pandemic peaks, and supply-chain disruptions continue to delay jobs and make product sourcing a challenge.
“But most indicators suggest the thriving kitchen and bath market will continue,” he added.
Among the report’s other key findings:
n The industry should see double-digit increases in both kitchen and bath spending. This is a reversal from the industry’s 3.8% decline in 2020, which was driven by an 8.6% loss for remodeling and stagnant growth of just 0.5% for new construction during the pandemic. Bathroom spending will rise by 22.3% in 2021 and will be sparked mainly by gains in new construction, while kitchen spending will increase by 20.4%, led by stronger gains in remodeling.
n Although forecasts for low and mid-range project spending have each been revised upward, “it’s the high-end that will shine,” according to the NKBA, which said that big-ticket projects are expected to surge by more than 28% compared to 2020 (beating the initial 19.8% projection) “as pent-up demand, robust savings and impressive house appreciation encourage homeowners to go the extra mile.”
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Kitchen Remodeling For Beginners – Finding the Best Kitchen Design For Your Home
Kitchen remodels arguably one of the country’s most popular and by far one of its most satisfying home improvements. A new kitchen layout not only upgrades your house and increases resale value it also makes your kitchen an inspiring, compelling, and functional epicenter of your whole home. The term “kitchen design” describes a wide range of design approaches that include both structural and cosmetic changes to a kitchen. As more homeowners contemplate kitchen remodels, the kitchen has assumed paramount importance, even in traditionally staid rooms like the family room or the den. In this context, Kitchen Remodelers Charlotte NC are often described as masters of creative designers who actively transform a house into an integrated living space.
If you’re in the market for a kitchen remodel, there are some things you need to think about before you begin. First, homeowners should decide whether they want to go with a do-it-yourself kitchen remodel or hire a contractor to oversee the project. Many homeowners have decided to go with the latter option because, while it’s certainly possible to do many kitchens remodels independently, nothing is challenging about hiring a professional crew. And if you’re particularly adept at DIY home improvement work, this option may be perfect for you.
Before you start spending money on kitchen remodels, you’ll need to develop a realistic budget. Your budget will guide all of your decisions, so spend it wisely. Decide what your spending limits are, including how much money you can afford to spend on specific appliances, cabinetry, countertops, flooring, paint, back splashes, appliances, cabinets, and fixtures. Your budget will also help you realistically assess the scope and depth of your project. Don’t allow kitchen remodels to become too expensive, as you will undoubtedly want to make them as luxurious as possible.
Consider what types of materials you’re going to use in your kitchen remodels, especially when it comes to cabinets. Do you plan on replacing cabinetry, or are you planning to buy new ones? You can save money by buying new appliances, but you should also consider the savings you could realize by switching to higher-quality cabinets. If your budget allows, you can even install custom-made cabinet doors.
Other areas where you can save money on kitchen remodels include flooring and countertops. While it may seem tempting to replace your flooring, this isn’t usually a good idea, unless your floor is in extremely bad condition. Instead, focus on upgrading your countertop materials. This can add up to a significant amount of money, so if you’re looking to do a mid-range major kitchen remodel, focus on just a couple of areas and you shouldn’t have any problems coming up with a good budget.
Once you’ve worked out a budget, you need to start thinking about what types of kitchen remodels you can complete with the money that you have. There are many ways to save money when you remodel, but some of the best kitchen renovation experts will tell you to take it one step at a time. If you’re replacing the cabinets, for example, try to work out how much everything will cost in total. Then, once you know the price of all the materials, you can determine which cabinets will offer you the best value. By doing this kind of planning up front, you’ll ensure that you don’t overspend.
Another way to save money when you remodel is to work with design-build companies. These contractors typically build kitchens from scratch, but they have the advantage of working with a wide variety of homeowners. Many homeowners decide to build their own homes, but some of them are not interested in spending the time and money that it takes to find the right design-build company. The designers that these contractors have helped design before, however, can often provide the same services for a lower price.
Design-build companies can also work with homeowners to make sure that their kitchens get the kind of attention that they deserve. Because design-build companies are generally attached to professional remodeling firms, they can often recommend high-quality brands of sinks, cabinets, and other kitchen components. These companies can also help homeowners decide whether or not they need to invest in high-end kitchen appliances. If a homeowner decides to do their own remodel, however, they can still save money by shopping around for low-cost kitchen parts.