HACKETTSTOWN, N.J., June 28, 2016 /PRNewswire/ -- Remodeling of American kitchens and bathrooms represents a $31 billion annual industry, or 25 percent of the overall $121 billion U.S. remodeling market, according to new research from the National Kitchen & Bath Association (NKBA). The NKBA Size of the Industry Report finds that each year homeowners remodel upwards of 1.8 million kitchens and 2.5 million bathrooms, two of the most important rooms in a home. Further, annual new home construction adds roughly 1.2 million kitchens and 2.8 million bathrooms to the marketplace.
The report, the most comprehensive of its kind to be created in the last decade, was compiled in cooperation with The Farnsworth Group. Phase I of the study is available to NKBA members free of charge and to nonmembers for $299 at nkba.org/research. Phase II of the research is currently underway and is expected to be available in the fall.
Other findings include:
- Rates of new home construction and renovation are anticipated to grow between 5-7 percent annually through 2019.
- Residential construction and remodeling continue to outpace the commercial sector, as well as the residential repair market. Overall, commercial construction continues to dwarf its residential counterpart.
- Year-over-year growth in the multifamily housing construction market is expected to be surpassed by single family construction in 2017 and continue through 2019.
"One of our most exciting new initiatives is commissioning research to ensure our members stay ahead of the important trends and changes in the market," said NKBA CEO Bill Darcy. "We recently hired our first consulting economist, Manuel Gutierrez, who is helping to spearhead our research efforts. The State of the Industry Report and other forthcoming studies help our members understand what is happening today, and what we can expect in the near future."
For more information, visit NKBA.org or call 1-800-THE-NKBA (843-6522).
The NKBA provides its members with up-to-date facts and figures on the kitchen and bath industry through regular surveys of dealers, designers, and other industry segments; providing market data on topics such as sales, market health and style trends.
About the National Kitchen & Bath Association and the Kitchen & Bath Industry Show
The National Kitchen & Bath Association (NKBA) is the not-for-profit trade association that owns the Kitchen & Bath Industry Show (KBIS®). With nearly 14,000 member companies representing tens of thousands of members in segments of the kitchen and bath industry, the NKBA has educated and led the industry since its founding in 1963. The mission of the NKBA is to enhance member success and excellence, promote professionalism and ethical business practices, and provide leadership and direction for the kitchen and bath industry worldwide. For more information, visit NKBA.org or call 1-800-THE-NKBA (843-6522).
KBIS® and NKBA® are registered trademarks of the National Kitchen & Bath Association.
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SOURCE National Kitchen & Bath Association