While home sales are expected to cool in 2006, the market supply for wood flooring is expected to remain hot as remodeling and home improvement activity helps drive the market to over $2 billion by year’s end. And the latest market research from Specialists in Business Information (SBI), Wood Flooring in the U.S., indicates that the market will continue growing at a compound annual rate of 7% from 2006 to 2010, bringing the demand for wood flooring at the end of the decade to more than $3 billion.
SBI, a division of MarketResearch.com, projects that oak flooring will continue to dominate demand with more than 50% of the U.S. market. Other hardwood flooring, such as maple, glued laminated truck trailer, and railroad car decking, recorded increases in 2005, and imports, particularly from Canada and China, increased by 34%, partially due to consumers’ newfound love for woods other than oak.
SBI expects sales of rustic, distressed, and exotic woods emerging from remote global locations will help fuel the fires of growth from 2007 onward as consumers look for unique woods distinguishable from traditional standbys. Much of the demand is coming from do-it-yourselfers whose numbers are increasing.
“Hardwood floors are quickly becoming a ‘can-do’ remodeling project for everyday DIYers, thanks to manufacturers who have introduced engineered and prefinished floors which make installation easy and cost-effective,” notes Tatjana Meerman, Managing Editor of SBI. “At the same time manufacturers are responding to consumers’ demands to ‘be different’ through high drama wood floors that are distressed, brushed, and stained unique colors to create an old-world feel able to blend in with the décor of today’s modern home.”
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