CE Pro September 2022 - 11

NKBA Midyear Outlook Forecasts 16% Rise for Rest of 2022
THE NATIONAL KITCHEN & Bath Association
(NKBA) - the leading association
for the kitchen and bath industry
and owner of the annual Kitchen & Bath
Industry Show (KBIS) - has released
its midyear 2022 Kitchen & Bath Market
Outlook, and a sunny forecast could be
bright for technology pros working in
the sector too.
Based on some notable takeaways
highlighted by the organization, the
opportunity for integrators to potentially
gain sizable projects focusing on kitchen
and bath spaces, whether directly for customers
or partnering with interior/kitchen
& bath designers, remains strong heading
into the second half of 2022.
" Despite some economic headwinds,
kitchen and bath remodeling demand
remains strong. Residential kitchen and
bath spending is anticipated to grow
by 16% to $189 billion in 2022, " says Bill
Darcy, CEO of the National Kitchen &
Bath Association (NKBA).
Following are some of the midyear
outlook's top takeaways in brief:
Resilient Revenues. Full-year kitchen
and bath spending is expected to
reach $189 billion, 16% higher than
2021, yet $10 billion lower than the
initial 2022 forecast.
New Construction Strength.
New construction is projected to
represent over 60% of industry
revenues, driven by a record number
of new home builds. The report
forecasts 21% YOY new construction
growth, unchanged from the
initial report in January.
Larger Projects Gaining Momentum.
Higher-end activity has been
revised upward due to rapid home
appreciation and client movement
on deferred projects. With upwards
of 20% gains, mid-range projects
are expected to register the biggest
YOY increases based on growth in
new construction.
Numerous Remodel Drivers.
Nearly three in four homeowners
are locked into mortgage rates below
4%, making it more cost-effective
to remodel than to move. This,
along with record-high homeowner
equity per household and a high
number of homes in prime remodeling
years, bodes well for the
second half of 2022.
Normalization of Housing Starts/
Completions. While builders are
working through backlogs, the
number of new housing starts is
falling due to high mortgage rates
and home prices. This combination
has led to a shrinking gap between
home starts and completions.
cepro.com
September 2022 CE Pro | 11
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CE Pro September 2022

Table of Contents for the Digital Edition of CE Pro September 2022

CE Pro September 2022 - Intro
CE Pro September 2022 - Cover1
CE Pro September 2022 - Cover2
CE Pro September 2022 - 1
CE Pro September 2022 - 2
CE Pro September 2022 - 3
CE Pro September 2022 - 4
CE Pro September 2022 - 5
CE Pro September 2022 - 6
CE Pro September 2022 - 7
CE Pro September 2022 - 8
CE Pro September 2022 - 9
CE Pro September 2022 - 10
CE Pro September 2022 - 11
CE Pro September 2022 - 12
CE Pro September 2022 - 13
CE Pro September 2022 - 14
CE Pro September 2022 - 15
CE Pro September 2022 - 16
CE Pro September 2022 - 17
CE Pro September 2022 - 18
CE Pro September 2022 - 19
CE Pro September 2022 - 20
CE Pro September 2022 - 21
CE Pro September 2022 - 22
CE Pro September 2022 - 23
CE Pro September 2022 - 24
CE Pro September 2022 - 25
CE Pro September 2022 - 26
CE Pro September 2022 - 27
CE Pro September 2022 - 28
CE Pro September 2022 - 29
CE Pro September 2022 - 30
CE Pro September 2022 - 31
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CE Pro September 2022 - 33
CE Pro September 2022 - 34
CE Pro September 2022 - 35
CE Pro September 2022 - 36
CE Pro September 2022 - 37
CE Pro September 2022 - 38
CE Pro September 2022 - 39
CE Pro September 2022 - 40
CE Pro September 2022 - 41
CE Pro September 2022 - 42
CE Pro September 2022 - 43
CE Pro September 2022 - 44
CE Pro September 2022 - 45
CE Pro September 2022 - 46
CE Pro September 2022 - 47
CE Pro September 2022 - 48
CE Pro September 2022 - 49
CE Pro September 2022 - 50
CE Pro September 2022 - 51
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CE Pro September 2022 - 53
CE Pro September 2022 - 54
CE Pro September 2022 - 55
CE Pro September 2022 - 56
CE Pro September 2022 - 57
CE Pro September 2022 - 58
CE Pro September 2022 - 59
CE Pro September 2022 - 60
CE Pro September 2022 - 61
CE Pro September 2022 - 62
CE Pro September 2022 - 63
CE Pro September 2022 - 64
CE Pro September 2022 - Cover3
CE Pro September 2022 - Cover4
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