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US Countertops Market

Published£º 2013-8-19

US demand to increase 4.5% per year through 2017

US demand for countertops is forecast to increase 4.5 percent per year to 725 million square feet in 2017, an improvement from the declines of the 2007-2012 period. The residential market, led by single-family homes, is highly countertop intensive, representing 79 percent of total countertop demand in 2012. Thus, trends in countertop demand in the residential market generally dictate the direction of the industry as a whole. For instance, the number of new single-family homes built in 2012 was 40 percent of 2007 levels, severely limiting aggregate countertop demand. Over the 2007-2012 period, growth in aggregate countertop demand was also restricted by lower remodeling activity due to tougher financing standards, reduced existing home sales, and a slowdown in consumer spending during the 2007-2009 recession.

Strong growth in new housing construction to spur rapid demand gains

Going forward, aggregate countertop demand will be spurred by a recovery in the US construction market, as nearly two-thirds of additional countertop demand between 2012 and 2017 will be in new construction applications. With new single-family housing completions projected to register double-digit gains through 2017, countertop demand in new housing will see the most rapid advances.

A rebound in new nonresidential construction spending will further propel gains. Growth will also be supported by the remodeling market of the country's large stock of older homes, with gains benefiting from an improvement in residential repair and remodeling expenditures and the projected rebound in sales of existing single-family homes from the low 2012 base. Advances will also stem from improved financing opportunities, boosting homeowners who may have delayed countertop remodeling during the 2007-2012 period.

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