Report predicts 16% growth in residential bath and kitchen remodeling.
The National Kitchen & Bath Association (NKBA) released its 2021 Market Outlook report, revealing the industry is poised for continued growth with overall spending for both kitchen and bath projects to increase in the coming year. The industry anticipates a pronounced rebound in overall industry growth from -5.9% in 2020 to 16.6% in 2021, compared to 9% in 2018 and 1% in 2019.
“After such a strong year for home remodeling in 2020, some wondered if we were approaching a home improvement spending ‘cliff.’ We’re pleased to say that’s not what the kitchen and bath market is expecting in 2021,” said Bill Darcy, NKBA CEO. “Last year, homeowners started the work of improving their living spaces with DIY projects. And this year, with early distribution of the vaccine and other measures to reduce the public health impact of the virus, we expect to see continued renovations and more projects requiring our members.”