HPAC Magazine

NKBA releases 2021 Market Outlook report

The National Kitchen & Bath Association annual Market Outlook report, available free to members, includes an assessment of how COVID-19 and related economic and housing market trends are impacting the North American kitchen and bath industry.

January 27, 2021   By HPAC Magazine

reportThe National Kitchen & Bath Association (NKBA), the U.S.-based trade association with chapters in Canada, has released its annual Market Outlook report, available free to members (US$1,995 for non-members), providing an assessment of how COVID-19 and related economic and housing market trends are impacting the kitchen and bath industry.

The North American report provides a gauge of current market size and a forecast for the year.

Key Takeaways

  • Full year K&B revenues are projected at $158.6 billion, a 16.6% increase over 2020.

  • New construction is forecasted to grow by over 22% vs. 10% for kitchen and bath remodeling.

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  • High-end and mid-range projects are expected to lead the way, with both approaching 20% gains over last year.

  • A housing supply shortage combined with strong demand due to low interest rates will lead to substantial home appreciation through 2023.

Additional Topics Covered

  • Key factors impacting K&B growth.

  • The employment picture following the pandemic.

  • COVID-19’s impact on remodeling by room.

  • Motivation/inspiration for K&B projects.

  • Influence of social media on K&B remodeling projects.

nkba.org

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