The National Kitchen & Bath Association, in cooperation with John Burns Real Estate Consulting, released their 2019 first-quarter Kitchen and Bath Market Index. The most recent quarterly report showed strong growth in the sector, and the outlook for Q2 and the remainder of 2019 was found to be strong as well, according to the association.
The report highlighted several key findings including:
- Strong Q1 Growth: The industry showed a composite index that currently rates 71 out of 100, which NKBA said reflects the growth and optimism in three main components of the index: the current quarter, future market sales, and overall health.
- Positive 2019 Outlook: The industry was even more positive on the future outlook for business (76 out of 100) than it was on current conditions (68 out of 100).
- Growth Expected in Q2: More than half (56 percent) of industry professionals said they expect second-quarter business conditions to improve. In particular, manufacturers and building/construction companies were most optimistic about their future quarterly sales.
- Labor Challenges Remain a Top Concern: The availability of skilled labor was the top concern among industry professionals across the board. That was followed by cost of materials, trade issues, economic uncertainty, and consumer confidence.