It's been anything but a lazy summer for the Kitchen Cabinet Manufacturers Association - check out what's been happening in the cabinet industry the last few weeks:
REMODELING SPENDING EXPECTED TO SLOW
According to the Leading Indicator from the Joint Center for Housing Studies of Harvard University, remodeling activity is declining drastically. Home improvements and repairs are expected to drop from 6.3% this quarter to less than 1% by the second quarter of the next year. The decline may be attributed to the fact that home price appreciation has slowed and isn’t outpacing income growth like it once did in some markets.
“Declining home sales and home building activity coupled with slower gains in permitting for improvement projects will put the brakes on remodeling growth over the coming year,” said Chris Herbert, Managing Director for Housing Studies.