Homebuilders feeling good about the state of the US economy
U.S. homebuilder sentiment hit a four-month high in February, marking the second consecutive month of gains on rising consumer confidence and falling mortgage rates, according to the National Association of Home Builders.
The National Kitchen and Bath Association reports that U.S. residential construction market was estimated at $644 billion in 2017, up nearly 7.5 percent from 2016. This total includes $330 billion from the construction of new homes and $314 billion from residential remodeling and improvement projects.
“We’re seeing continued strong growth in remodeling,” National Kitchen and Bath Association CEO Bill Darcy said during an interview on FOX Business’ “After The Bell” on Tuesday.
Darcy cited a big challenge for the industry and how he is looking to overcome it.
“For every five people leaving the industry, only one comes in, so attracting the youth of the industry is our biggest challenge right now.” he said. “It’s about getting the message out to the middle school student right now. It’s a tremendous opportunity in growth right now in the industry and educating young people is what the focus needs to be.”
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He also described how technology is tied into the housing industry.
“What we’re trying to do is bridge the gap between tech and our industry,” Darcy said. “There’s so much happening in tech in the kitchen and bath space, we need the young people of the future – designers and remodelers, to join the NKBA.”