HIRI updates market forecast

There’s generally good news in the latest Home Improvement Products Market Forecast Update from the Home Improvement Research Institute. Most importantly, economists expect the pace of home improvement product sales to accelerate in 2015.

The report, prepared for HIRI by IHS Economics of Washington, D.C., also calls for an acceleration of real GDP and an improved employment picture.

Other highlights from the report’s executive summary include housing start projections of 17.1% growth and existing home sales growth of 10.4%. However, both forecasts were lowered from previous estimates.

“As the unemployment rate falls farther, wages should begin to accelerate, supporting stronger consumer spending,” the summary states.

Regarding home improvement products – the hardware, plumbing, roofing, doors and other materials that make up a house – the study’s estimate calls for total sales growth of 5.7% in 2015 – with consumer market sales up 5.9% and professional market growth of 5.0%.

HIRI is a non-profit organization whose mission is to provide research for its approximately 80 member companies. HIRI receives management services from Lebhar-Friedman, Inc., publisher of Hardware + Building Supply Dealer. For more information, visit HIRI.org.