CLEVELAND, April 10, 2017 /PRNewswire/ -- The South accounted for the largest share of siding sales by distributors, with 43% of the market in 2016. Distributors' sales in the region were driven by increases in housing starts and existing home sales. Additionally, the South saw a number of severe weather events that caused damage to siding in many states in that year. These and other trends are presented in Siding Distribution in the US, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Through 2021, the West is forecast to experience the most rapid gains in distributor sales. Growth will be driven by the new housing market. The West is projected to experience the most rapid increases in housing starts of any US region, which will in turn drive the installation of siding. Many homebuilders in the region do not install siding, but instead subcontract out siding installation jobs to local contractors.
Sales of siding by distributors in the Midwest and Northeast are expected to rise at a more modest pace through 2021. While distributors account for a larger share of siding sales in these regions than they do in the South and the West, below average gains in the regions' housing stocks will restrain growth. Re-siding activity generates the majority of distributor sales in the US; thus, a region where housing stock rises modestly will have fewer older homes that will eventually require siding replacement and repair.
More information about the study is available at http://www.freedoniagroup.com/industry-study/siding-distribution-market-in-the-us-by-channel-market-and-type-3494.htm
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About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Construction & Building Products studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group