At Footprints Floors, we are excited to see our industry and sector of business in flooring show great potential and growth for the near future. Leaders and organizations within the flooring industry have continuously illustrated the flourishing numbers of the past, present, and future; our unique flooring franchise creates the perfect opportunity for individuals to take advantage of this great industry and build their very own successful business.
So, what do the current numbers in the flooring industry look like, exactly?
As a trade association dedicated to representing all segments of the hardwood flooring industry, The National Wood Flooring Association (NWFA) surveyed their members to gauge the current and future state of the industry. In 2018, more than two-thirds of all of the participants — including manufacturers, distributors, retailers, and contractors— expect sales growth of at least 3 percent in 2019, with 22 percent expecting sales will grow significantly (8 percent or more). Regarding contractors specifically, over two-thirds expected wood flooring sales to show positive sales growth in 2019, as nearly 45 percent of NWFA contractors – the greatest percentage of the four groups surveyed – saw significant sales growth (more than 8 percent) in 2017. These numbers highlight just an example of the construction and remodeling markets booming across the country, with national forecasts echoing NWFA member sentiments, citing consumer confidence as one driver of demand.
The NWFA stated that the top opportunities for flooring contractors going into 2019 include expanding in pre-finished flooring and other flooring surfaces; establishing new lines of business, such as flooring maintenance programs; selling more high-end products; and raising prices. Other contractors are also looking to work with new customer types, such as architects and designers.
It is also important to note the improvements found within the real estate, housing construction, and home improvement markets themselves to see how their influence impacts the success of the flooring industry.
Firstly, The National Association of Home Builders (NAHB) expects consumer demand for single-family housing to grow as the overall economy and labor market continues to strengthen. The real estate market and flooring industry are closely correlated; as an increasing number of more valuable homes are built across the nation, flooring installation will also increase proportionally to meet the flooring demands of these new homeowners. As the value of residential construction improves, more homes will be built and maintained, which will also create demand for flooring installation. The value of residential construction is expected to increase through 2019, thus presenting another potential opportunity for the industry.
And people are not just buying new homes. In recent years, spending within the home improvement industry has increased tremendously, leading to an increase in flooring renovation and restoration services. In regards to the home improvement industry, The Leading Indicator of Remodeling Activity (LIRA), published by The Joint Center for Housing Studies of Harvard University, estimated annual spending on residential improvements and repairs by homeowners to reach $350 billion by July 2019. Home improvement spending nationwide is now rising at nearly six percent annually, according to the Leading Index for Remodeling Activity. Three years ago, the annual growth was less than 6 percent. Why the change? One big reason: Homeowner equity. In the past few years, the US has seen an addition of 6 trillion dollars in homeowner equity, which has allowed homeowners to possess the confidence and means to tackle the multiple repairs and upgrades they had put off during, and years after, the recession in 2008. And not only that, homeowners have embarked on tackling larger home improvement projects, instead of sticking to necessary maintenance. For example, homeowners spent an average of nearly $2,000 more on home improvement projects in 2016 than in comparison to 2015.
What does this all mean for Footprints Floors?
With services involving both flooring installation and restoration, the demand for our services perfectly fits the needs of the booming industries previously stated. We provide the premier quality, pricing, and customer service that homeowners desire to elevate the flooring within their homes. We’re excited to continue to build off of the immense growth of all these industries, and we envision our partnerships with our business owners to share that same exceptional growth.
With great profitability, scalability, and potential for great success, opening your own Footprints Floors could be the perfect opportunity for you. We have a proven track record of over ten years of growth and success, and this forecast of success for the future of flooring indicates no end to that continue success. If you want to learn more about Footprints Floors and how you can take advantage of the growing flooring industry, CLICK HERE. Here, you can learn all about how you can join the Footprints Family!