Submitted by lfisher on Mon, 01/20/2020 - 19:42
INDUSTRY NEWS UPDATE JANUARY 21, 2020

The Kitchen Cabinet Manufacturers Association regularly tracks what's going on in the cabinet industry - check out our latest post below for the latest updates:

HOUSING MARKET TO SLOW IN 2020

According to the Realtor.com 2020 Housing forecast, the US housing market will continue to slow in 2020 as inventory decreases and consumers pull back on spending. Home sales will decrease by close to 2% throughout the year. Other highlights from the report include:

  • Home prices will flatten, increasing just 0.8% nationwide
  • Millennials – with the oldest members approaching 40 and the biggest cohort turning 30 in 2020 – will surpass 50% of all home purchase mortgages

Click here to read more.

kcma

CALIFORNIA CONSUMER PROTECTION ACT NOW IN EFFECT

California’s Consumer Privacy Act of 2018 became effective on January 1, 2020, which creates significant new consumer protections and privacy requirements for how businesses handle the consumer’s personal information.  The California Attorney General, who is charged with enforcing the new law, has proposed regulations that would implement it. Under the new law, a business will be subject to this new law if one or more of the following circumstances apply:

  • It has gross annual revenues in excess of $25 million
  • It buys, receives, or sells the personal information of 50,000 or more consumers, households, or devices
  • It derives 50% or more of annual revenues from selling consumers’ personal information
  • The new law impacts both businesses located in California and businesses that handle the personal information of consumers who live in California

The new law will grant consumers a right to request a business to disclose the categories and types of personal information that it collects about them, how it is obtained, the business reason for collecting and selling it, and the categories of third parties with which the information is shared. Under this new law, consumers have the right to opt out of a business selling their personal information and have the right to request that the business delete their information. The new law prohibits businesses from discriminating against the consumer for exercising their right to opt out of their information being sold, except in certain circumstances. Businesses will be allowed to offer financial incentives for collecting a consumer’s personal information.

Click here to read more.

TREE PLANTING MORE COST EFFECTIVE TO REDUCE AIR POLLUTION

A new study published recently in the Environmental Science & Technology Journal revealed that planting trees to reduce air pollution is cheaper than investing in most emissions technologies.

The study shows that plants, not technologies like smokestack scrubbers, are cheaper at cleaning the air near a number of industrial sites, roadways, power plants, commercial boilers, and oil & gas drilling sites.

Click here to read more.

KCMA

MOULDING AND MILLWORK TRADE CASE

A new trade case is before the U.S. Department of Commerce and the U.S. International Trade Commission (ITC) concerning millwork. The Coalition of American Millwork Producers (CAMP) filed the petition to ensure fair trade practices in wood mouldings and other millwork products among the United States, China, and Brazil through these new antidumping and countervailing duty cases.  CAMP’s petition cites the injury that U.S. industry and workers have suffered as a result of unfairly traded millwork products imported into the U.S. from these countries.  Notably, Brazil and China’s market share from 2016 to 2019 increased by more than 10%, while the U.S. industry lost 7% to 9% of market share during this time.  In 2018, total sales of these products in the United States were approximately $1.3 billion. A press release detailing the issues in the case is attached.

Click here to read more.

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Visit the KCMA website to learn more about becoming a member today - get news like this and much more.