Cabinets, countertops market shows signs of stabilizing

Cabinetwork purchases are provided for new residential construction, residential remodeling, manufactured housing, and non-residential construction markets. The report’s analysis includes data on purchases per new home constructed and manufactured housing unit shipped. Home center and other retail channels are analyzed as well, along with Home Depot and Lowe’s kitchen and bath revenues. Also analyzed in the report are US export shipments.

Cabinetwork and countertop demand is correlated with US housing demand, non-residential construction spending, mortgage interest rates, and other economic and demographic indicators. This provides insights into the direction of domestic demand into 2022 and beyond, the report noted.

Steve Cunningham, the NAHB remodelers chair and president of Cunningham Contracting Inc. in Williamsburg, Va., reiterated the dearth of resources earlier this year. He noted personally experiencing a six-month wait for cabinets to be delivered. Cunningham said he expects that outdoor spaces, home offices and flex spaces will continue to be popular in the years to come, with the next wave of projects to include multi-generational living.

The remodeling market has performed well despite the challenges, with consumers overall willing to pay a higher price for supplies for their improvement projects. Matthew “Matt” Emmons, president of Emmons Construction LLC in Jenks, Okla., told MPA he’s witnessed “…a steady flow of work in all aspects of our industry.” He added that “…every sub, vendor and supplier is as busy as they’ve ever been. I think the concern moving forward is timing for completion and keeping quality at a premium during all the chaos of supply-chain issues and labor shortages.”

Yet confidence in the remodeling market has declined as compared to last year, according to the NAHB. In its own NAHB/Westlake Royal Remodeling Market Index (RMI) for the second quarter, a reading of 77 was posted – a decline of 10 points from the comparable period last year.