The National Kitchen and Bath Association (NKBA) conducts annual research to gain industry intelligence and report findings to its members. The 2016 NKBA Size of the Industry Report was just released and the findings were shocking to many trade leaders.
According to the study, last year Americans spent $31.2 billion to remodel 1.8 million kitchens and 2.5 million bathrooms. That’s $1 for every $4 spent in the $121.7 billion total remodeling market. Rates of new home construction and renovation are also anticipated to grow between five and seven percent annually through 2019.
To discover more industry insights, view highlights of the report here.