KCMA is committed to bringing you the latest news in the cabinet manufacturing industry. Take a look at what’s been happening:
IMPACT OF COVID-19 STABILIZES
According to the weekly NKBA Pulse that gauges the overall impact of the COVID-19 crisis in the kitchen and bath industry, the impact has remained flat after six weeks trending downward.
The weekly member survey measures sentiments about the effects of the crisis on design, manufacturing, building & construction, and retail & sales businesses. For the first time, there was no movement regarding impact among any of these four business categories. Overall, more than 800 respondents again rated the lockdown’s impact at an average of 6.9 on a scale of 1 (no impact) to 10 (significant impact).
CHINESE PLYWOOD TRANSSHIPPED THROUGH VIETNAM
In response to an allegation filed by Apec International, U.S. Customs has issued a notice of final determination with respect to evasion. Customs concluded that substantial evidence demonstrates that U.S. importer Concannon brought in Chinese-origin plywood that was transshipped through Vietnam without the lawful payment of duties.
Cabinet sales down 22% for April 2020 - Custom sales are down 30.4%, semi-custom decreased 25.4%, and stock sales decreased 17.8%.
The Institute for Supply Management’s Manufacturing PMI rose 1.6 points to 43.1% in May.
New orders for durable goods plummeted 17.2% in April, the largest monthly decline since August 2014.
The U.S. economy shrank by an annualized 5% in the first quarter.
22% of builder respondents cut their home prices in April 2020, with the intention of bolstering sales or warding off cancellations.
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