Fall is in full swing with Halloween just around the corner. The past month has been busy at CPA. The association hosted a series of virtual Fall Meeting General Sessions, with content available to all members of the association in lieu of our regular in-person meetings. Attendance for these events was outstanding and we appreciate the level of participation by the membership.
Members heard first from Adam Sandow with Material Bank, who delivered a comprehensive presentation on a platform his company created to deliver samples of interior design materials overnight to architects and designers. The robotic technology being employed in the company’s distribution facility in Memphis was impressive! This process has the potential to revolutionize how materials are specified; consequently, designers and specifiers are signing up in droves.
Next up was a presentation by David Wasserman with the Cook Political Report, handicapping the potential 2020 election outcome. David provided an overview of the most up-to-date polling and other election forecasting information to share the latest on where control of the White House, Senate and House were headed. As with most recent elections, the outcome of the Presidential election will likely be decided by a handful of states. With all eyes on the election, CPA will monitor the results and assess its impact on the future of the composite panel industry.
Finally, members were briefed by Todd Tomalak with John Burns Real Estate Consulting on what 2021 holds for the U.S. residential housing and remodeling market. Todd shared a very bullish forecast on the single-family residential home market in 2021 and 2022. He explained that there is pent-up demand in the marketplace for large scale home remodeling projects, which will escalate in the second half of 2021 and continue into 2022 and beyond. He noted that there are two key trends driving this development, including moves by Millennials and those older members of the Generation Z cohort to become first-time homeowners. They remodel their homes upon purchasing them. Similarly, there has been a significant increase in the number of single-family homes purchased by large investor companies, also driving home remodeling markets. Taken together, these two dynamics could significantly increase demand for home remodeling products made with composite panels.
The final Fall Meeting General Session also included a presentation by CPA Chairman Pat Aldred of GP Wood Products who shared CPA’s data on the year-to-date impact of COVID-19 on industry shipments and a look at promising market conditions as we finish 2020 and head into the new year. As always, staff will continue to monitor the data and publish timely monthly reports to our membership.