HACKETTSTOWN, NJ — The kitchen and bath industry ended 2021 on a positive note, remaining “nimble, creative and optimistic” in the face of continuing supply chain disruptions, inflation and other challenges, the National Kitchen & Bath Association reported last month.
“We’re extremely encouraged by the latest KBMI results, as they confirm that the industry remains optimistic about its future, with the sector remaining nimble and creative in order to be successful in the face of continuing challenges,” said Bill Darcy, chief executive officer for the Hackettstown, NJ-based NKBA.
“While we’re keeping our eye on things such as ongoing (3+-month) supply chain issues and pricing inflation, the fundamentals for the industry remain strong, including continued consumer demand with strong home values and equity levels,” Darcy observed.
According to the NKBA, the residential remodeling industry “has been the beneficiary of a seller’s home market, with homeowners leveraging their home’s market value to renovate spaces within their home to both increase value as well as livability and flexibility.”
In Q4 2021, all kitchen and bath segments reported double-digit year-over-year sales growth, as well as a solid quarter-over-quarter performance, with an increase of 8.1% in total spending, according to the NKBA. While challenges persist, “some of these may be helping the industry see long-term growth by spreading out projects into 2022,” the association added, noting that surveyed industry professionals project 13.1% annual growth this year, even in the face of supply chain disruptions, skilled-labor shortages, and inflation.
“Virtually every sector of the economy has been affected by the ongoing supply chain, material and labor issues,” Darcy said. “However, the kitchen and bath industry continues to be resilient in the face of this adversity, setting itself up for another year of growth.”