Part of our mission is to provide members with the latest industry intelligence. And, while we routinely research a variety of issues affecting the kitchen and bath industry, the results from our latest study — designed to quantify the K&B marketplace — was striking.
The NKBA 2016 Size of the Industry Report found that last year Americans spent $31.2 billion to remodel 1.8 million kitchens and 2.5 million bathrooms.
In other words, you belong to a $30+ billion industry. Let that sink in for a moment.
Today, kitchens and baths account for $1 of every $4 spent in the overall $121.7 billion remodeling market.
One of several forthcoming NKBA research studies, the new report shows that in 2015 roughly $18.2 billion was allocated to kitchen remodels and $13.0 billion to bath projects.
The study, the most comprehensive of its kind to be created in the last decade, was compiled in cooperation with The Farnsworth Group. Phase I of the study is available to NKBA members free of charge at nkba.org/research. Phase II of the research that will provide the estimated market size by product category is expected to be available in the fall.
KITCHEN & BATH REMODELING
Other findings from the 2016 NKBA Size of Industry report may be found here including:
- Rates of new home construction and renovation are anticipated to grow between 5–7 percent annually through 2019.
- The non-residential new construction and remodeling market continues to outpace its residential counterpart in sheer dollar volume. However, the residential market is showing stronger year-over-year growth than the commercial sector, as well as the residential repair market.
- Year-over-year growth in the multifamily housing construction market is expected to be surpassed by single family construction in 2017 and continue through 2019.
The forecast excludes repair and replacement projects, spending related to kitchen and baths installed in new homes, as well as kitchens and bathrooms that get remodeled in commercial and other non-residential buildings.
FORTHCOMING RESEARCH
Three additional market studies will be available for purchase this fall, including:
- Understanding Millennial Kitchen and Bath Consumers
- Needs of Millennial Kitchen & Bath Professionals
- Size of Single Family Kitchens in the U.S.
- Size of Kitchen & Bath Industry, Phase 2 (detailed product category estimates)
These studies, as well as the NKBA 2016 Size of the Industry report, may be found online at www.nkba.org/research.
2016 Size of the K&B Industry Report from National Kitchen and Bath Association
