NKBA CEO Talks Home Remodel Surges on Yahoo FinanceRyan Lance2020-09-28T15:25:14-04:00
Bill Darcy, NKBA CEO, discussed the trends and challenges in the industry.
By Loren Kessell
NKBA’s recent Kitchen & Bath Market Outlook study revealed that home remodeling projects surged from 19% in Q1 to 36% in Q2. Bill Darcy, NKBA CEO, discussed some of the important findings on “The First Trade,” Yahoo Finance’s market preview and opening bell show, anchored by Alexis Christoforous and Brian Sozzi.
DIY grew in popularity, but consumers are turning to professionals for more intricate and complicated jobs. This is causing supply chain delays and turnaround times, and contractors are experiencing difficulty finding labor to fulfill jobs.
“We have a NextUp initiative that promotes getting young people involved in the trades, because it’s a dynamic that the growing demand for remodeling needs more workforce,” Darcy said. “I do believe that you’ll see more people pivoting from other trade positions into our construction and design industry.”
Darcy also discussed how the average cost for a home remodel is wide ranging depending on the project scope. 1 in 10 people currently use their kitchens as a workspace, and the dining and vacation restrictions mean those discretionary dollars are being invested the home.
“There is tremendous demand right now—about 25% of the people we surveyed said they want to remodel soon,” Darcy said. “And, we saw a 17% increase from Q1 to Q2 on remodeling.”
Watch the full interview here, and view the 2020 NKBA Kitchen & Bath Market Outlook study here.