Inaugural Report Signals Negative Growth for Majority of Residential Building Product Categories in 2023
IRVINE, Calif., Aug. 3, 2023 /PRNewswire/ — John Burns Research and Consulting and Home Innovation Research Labs released their inaugural Building Products Demand Meter. This industry-first data product tracks current and historical US residential installed product volumes (final demand) for major building product categories.
Inaugural Report Signals Negative Growth for Majority of Residential Building Product Categories in 2023
The Building Products Demand Meter measures installed residential market volumes across 18 major building product categories—from dimensional lumber and siding to HVAC and interior paint—back to 2000. It is available for both the new construction and repair and remodel segments of the US residential building products market (installed volumes and year-over-year growth rates).
“The building products industry has been asking for better data to make more informed decisions,” said Matt Saunders, SVP Building Products Research at John Burns Research and Consulting. “This groundbreaking new product addresses this need, combining our expertise in forecasting and analysis with Home Innovation’s industry-leading survey research. The Building Products Demand Meter provides market size and growth estimates at the category level for both new construction and repair and remodeling end markets.”
The data, scheduled for an update each quarter, is grounded in more than two decades of survey research conducted by Home Innovation in their Annual Builder Practices and Consumer Practices surveys. “The new Building Products Demand Meter combines the best of our longstanding survey research, JBREC’s best-in-class forecasting expertise, and our deep combined knowledge of home building and remodeling,” said Ed Hudson, Director of Market Research at Home Innovation.
Key takeaways include:
- Building product volumes are showing mostly negative growth trends for 2023. Single-digit declines are expected for 17 of the 18 building product categories tracked in 2023.
- Weakness is particularly evident in the new construction segment, where installed volumes are anticipated to decline by double digits in 10 of the 18 categories.
- Installed volumes for repair and remodel (R&R) show more resilience this year, with only eight out of the 18 categories declining in 2023.
About John Burns Research and Consulting
John Burns Research and Consulting is a leading provider of research and consulting services for the US housing industry.
About Home Innovation Research Labs
Home Innovation Research Labs (formerly the NAHB Research Center) is a full-service research, testing, and consulting firm determined to improve the quality, durability, affordability, and environmental performance of single- and multifamily homes and home-building products.
Contact:
Kylie Raposa
Senior Manager, Client Services | Building Products
John Burns Research and Consulting
[email protected]
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SOURCE John Burns Research and Consulting
