Continued Growth Forecast for U.S. Building Products
INDIANAPOLIS — The U.S. building products market will continue building on its “exponential growth” of the past two years, gaining an additional 2.9% from 2023 through 2025, with the professional sector increasing by 4.6%, according to a newly released forecast by the Home Improvement Research Institute (HIRI).
The Indianapolis-based HIRI predicted that the total U.S. building products market will increase by 13% in 2021 over the previous year, with the professional sector growing by 18.2%. The total building products market is forecast to grow an additional 2.3% in 2022, with the professional sector growing by 7.1%, HIRI added.
“The home improvement industry had explosive growth during the coronavirus pandemic, due primarily to DIY projects, but that may now be driven by pros,” said HIRI Research Director Matthew Craig, adding that growth in the DIY sector is expected to decline as an overall share of home improvement product sales in 2022, since “many homeowners completed planned projects throughout this year and the last.”
However, growth “will continue further in the professional products market as COVID-19 restrictions ease and projects put on hold resume, HIRI said.
“The strong home improvement outlook provided by pandemic behavior has been given new life by improved employment gains, increased access to vaccinations and additional stimulus measures,” said HIRI. “A continuing strong economy suggests that spending (in the professional sector) will improve, as households feel more comfortable with contractors in their home.”
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