News
Q1 2023 U.S. Hotel Construction Pipeline Strengthens
The latest U.S. Hotel Construction Pipeline Trend Report by Lodging Econometrics reported second quarter 2023 hotel projects totaled 5,572, increasing 7% compared to the same period in 2022. Total hotel rooms under construction rose 6% from Q2 2022 to 660,061. Projects in the early planning stages decreased 6.4% from Q1 to 2,278 with 257,785 rooms.
June U.S. Kitchen and Bath Cabinet Sales Grow Month-over-Month
U.S. kitchen and bath cabinet sales in June were $246.8 million, 3% lower than the comparable month in 2022 but up 4.5% from May, according to the Kitchen Cabinet Manufacturers Association’s (KCMA) monthly “Trend of Business” member survey. The number of cabinets sold decreased 16.7% compared to June 2022 but increased 5.8% from May. Semi-custom
U.S. Furniture Orders Increase in May
U.S. residential furniture factory orders in May were $2.3 billion, up 15.5% from the year-ago period and 19.2% higher than April. Furniture shipments dropped 18.1% from last May to $2.4 billion but rose 5% from April. May backlogs were $2.9 billion, declining 61.5% from last year and 2% from April. See Smith Leonard
June RV Shipments Decline
The RV Industry Association’s monthly survey of U.S. manufacturers reported June shipments totaled 24,095 units, dropping 46.4% from the same month in 2022. Year-to-date shipments totaled 164,830, decreasing 49.2% compared to 2022. See RV Industry Association
Construction Spending Up in June
U.S. construction spending in June was estimated at a seasonally adjusted annual rate of $1.9 trillion, rising 0.5% from May and 3.5% higher than the same period last year. Year-to-date construction spending increased 3% to $917.4 billion compared to the first six months of 2022. Private construction spending was $1.5 trillion, climbing 0.5% from May.
June Panel Shipments Report Now Available
The June Panel Shipments report is now available to members.
August 15 Deadline for Innovation Award Nominations
The deadline for the new Innovation Awards submissions is August 15. Developed and managed by CPA’s Decorative Surfaces Council (DSC), the program recognizes significant and creative advances in technology, product development and service solutions in the industry. This is a separate award from the current recognition program for plant safety innovation at manufacturing facilities. Further
Fastmarkets RISI Particleboard and MDF Commentary Published
The July issue of the Particleboard and MDF Commentary has been published and includes a detailed economic analysis of the North American market. The Commentary is published monthly by Fastmarkets RISI and permits CPA to republish issues quarterly as a benefit to members. See Particleboard and MDF Commentary
Genesis Products Welcomes New Leaders
Genesis Products, Elkhart, IN, named Wayne Gordon as Product Director of Surfaces and Chris Tutuska as Product Director, mainly of TFL panels and cabinet doors at the company’s Funder division in Mocksville, NC. Gordon has been in the industry for 30 years, including a decade in printing, while Tutuska has ten years of experience in
Consumer Confidence Improves in July
U.S. consumer confidence in July registered at 117, increasing 6.9 points from June and marking the highest index in two years, according to The Conference Board Consumer Confidence Index. The index measuring current business and labor market conditions rose 4.7 points to 160 in July. The short-term outlook index for income, business and the labor markets grew
June U.S. Home Sales Dip
U.S. sales of new single-family homes in June were at a seasonally adjusted annual rate of 697,000, decreasing 2.5% from May but 23.8% higher than the comparable month in 2022. The seasonally adjusted estimate of new homes for sale at the end of June was 432,000, representing a 7.4-month supply at the current sales rate.
New Home Demand Up in Q2
The National Association of Home Builders (NAHB) second-quarter 2023 Housing Trends Report reported that new construction demand rose to 25%, up four percentage points from the first quarter. While all regions had growth, the West saw the largest boost in demand, with an increase of 11 percentage points to 32%. See NAHB