Submitted by mmetz@kcma.org on Fri, 02/12/2021 - 20:35
Industry News Update February 5, 2021

The Kitchen Cabinet Manufacturers Association is committed to bringing you the most up-to-date information in the industry. Here’s a look at what’s happening:

USTR VIETNAM CURRENCY DETERMINATION

Vietnam Flag

In the waning days of the Trump administration, the U.S. Trade Representative has published a report on currency manipulation finding Vietnam guilty of manipulation, although they did not impose any sanctions on Vietnam related to that finding, leaving that option open to the Biden Administration. In the meantime, Vietnam appears to have agreed to toughen regulations on illegal timber imports and to purchase more American lumber.

VIETNAM VOWS TO STRENGTHEN TIMBER LAWS TO AVOID U.S. TARIFFS

VietnamManu

To avoid the threat of punitive U.S. tariffs - due to allegations that Vietnam is importing illegal timber - Vietnam has promised to strengthen regulations and to buy more American lumber. The U.S. is the largest market for Vietnamese wood products, worth an estimated $6.5 billion in 2020. Read more.

TALENT IS AN IMPORTANT PIECE OF DIGITAL TRANSFORMATION

Talent

Manufacturers increasingly view digital as a key transformation lever, yet they are also grappling with increased talent challenges as they seek to recruit younger, tech-savvy workers, retain current talent and manage an aging workforce.

To tackle these challenges, manufacturing leaders need to be thinking about how they can most effectively build and engage an employee base that is ready to tackle the digital transformations of today and tomorrow. Read more.

NEW CAREER AWARENESS CAMPAIGN PROMOTES WOOD INDUSTRY

WeWood

The Wood Industry Resource Collaborative has announced the launch of their industry-wide career awareness campaign, “You Wood.”

Developed by several industry trade associations led by AWFS, WMIA, and WMMA, in partnership with Nashville-based Industrial Strength Marketing, the WIRC campaign aims to communicate wood industry career pathways and attract new talent. The WIRC You Wood website is now live. Read more.

MID- & HIGH-END PROJECTS TO FUEL 2021 GROWTH

Growth

Unlike the do-it-yourself trend of 2020, kitchen and bath remodeling in 2021 will be driven by mid- and high-end projects, according to a newly issued forecast by the National Kitchen & Bath Association.

The NKBA’s annual Market Outlook report projects annual kitchen and bath revenues will see “continued growth,” rising to $158.6 billion in 2021, a 16.6% increase over an estimated $136 billion in 2020.  Read more.