Submitted by lfisher on Mon, 11/16/2020 - 18:57
INDUSTRY NEWS UPDATE NOVEMBER 17, 2020

KCMA is committed to bringing you the latest news in the cabinet manufacturing industry. Take a look at what’s been happening:

IMPACT OF PANDEMIC DOWN FOR WOODWORKING INDUSTRY

According to a recent survey from Woodworking Network, it appears the perceived impact of covid-19 on the woodworking industry is decreasing. When the survey was first conducted back in March, 36.5% of respondents predicted it would have a major impact on their business. Now, that number has dropped to just 21.3%.

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KCMA

TARIFFS ARE BENEFITING US MANUFACTURING

In 2019, for the first time in six years, the share of US manufacturing demand met by American-made goods increased. This is important because America's domestic market is crucial for manufacturers - it was worth $7 trillion last year.  And, recent tariffs are responsible for a large part of this success.

Despite a potential change in administration, keeping these tariffs in place will be critical to the government's strategy to reshore important industries.

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KCMA
Photo courtesy of IndustryWeek

ECONOMIC UPDATES

The manufacturing sector expanded in October at the fastest pace since September 2018.

New orders for manufactured goods rose 1.1% in September, increasing for the fifth straight month.

Manufacturing added 38,000 workers in October, rising for the sixth straight month.

New orders for durable goods rose 1.9% in September.

New single-family home sales declined 3.5% in September, the first monthly decrease since April, but sales have jumped 32.1% year-over-year.

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The KCMA website has many resources available for cabinet manufacturers and suppliers. Visit our website to learn more!