Looking ahead to modest growth
Orlando, Fla. -- The Home Improvement Research Institute’s Spring Conference included a mixed message for future home improvement spending.
In a presentation from James Gillula, managing director of consulting services for IHS Global Insights, one of the takeaways was an expectation of modest growth for consumer spending in 2013.
“There is a lot of hope that we’ll get to a point where we’ll have a little faster economic acceleration,” Gillula said. “And certainly the idea that there should be a lot of pent-up demand out there is relevant for home improvement products market.“
One of the key slides from Gillula's “Outlook for the U.S. Economy and Home Improvement Spending” presentation looked at the nominal dollar and constant dollar market forecast. The forecast varied depending on whether the sales forecast was measured in nominal dollars or constant prices.
Nominally, the home improvement product market forecast called for growth to slow to 4.3% in 2013, compared with 5.4% growth in 2012. In constant prices, sales growth is expected to increase from 2.9% in 2012 to 3.4% in 2013. Both measures show accelerated growth in 2014, according to IHS Global.
The Home Improvement Research Institute is a membership-based, independent, not-for-profit organization of about 80 manufacturers, retailers, wholesalers and allied organizations in the home improvement industry.