Bathroom Remodel Industry Continues Growth in 2022
The last few years have seen an explosion in the trend of home remodels that include, among other spaces, bathrooms. Homeowners are no longer content with the "builder grade" bath vanities and accessories that came with their homes. Nor are they content with the decades old style of the vanity that was in their home when they made the purchase. They are interested in the new design trends, updated finishes, and enjoying their spaces now, and they are not waiting.
Industry analysts are forecasting that not only will the trend in spending on bathroom remodels and updates continue, but spending will increase in 2022. Experts are projecting a 19% year-over-year increase in spending in the kitchen and bath industry according to the National Kitchen & Bath Association’s (NKBA) Kitchen and Bath Market Outlook for 2022 report.
“As we begin 2022, the industry as a whole continues to be optimistic and is forecasting continued rapid growth in both new construction and remodeling,” says Bill Darcy, NKBA CEO. “Even with this increasing demand, however, we cannot dismiss the current risks we are facing.”
One of the key challenges that is still plaguing the industry is the lead times on materials. Pre-planning for your remodel cannot be over emphasized. “When planning for your remodel, always allow enough time for the materials to arrive. Gone are the days when you could order something on a Monday and it was there by Friday in the construction business,” says Scott Bergstrom, Founder and CEO of Bath Cabinets Depot and a 30-year construction veteran. For raw construction materials, lead times can range well beyond the six week range. “I would plan on at least a three week lead time, even for in-stock materials such as vanities,” advises Bergstrom.
The impact on the manufacturing sector in the last couple of years as well as the current strain on the transportation industry is resulting in lead times measured in weeks for high quality products. If you are thinking of custom vanity cabinets the wait could be even longer. The moral of the story - planning ahead will make the project much smoother and less costly.
As a homeowner this could be the perfect time to take on the bathroom remodel project you had been putting off. The investment will pay off in the future as a bathroom remodel is one of the two key areas in the home that has a positive influence on your equity. Until then, the real benefit is the years of enjoyment having the space will bring.