Pro Market To Drive U.S. Building Products Market Growth

The total U.S. building products market is forecast to continue building on exponential growth seen in 2020 and 2021, says the Home Improvement Research Institute (HIRI). The total market will grow by an additional 2.9 per cent from 2023 through 2025, with the consumer market growing by 2.3 per cent and the professional market growing by 4.6 per cent. In the short term, the forecast predicts the total building products market to grow by 13 per cent in 2021, with the consumer market growing by 10.8 per cent and the professional market growing by 18.2 per cent. In 2022, the total building products market is forecast to grow by an additional 2.3 per cent, with the consumer market growing by 0.2 per cent and the professional market growing by 7.1 per cent. These findings indicate a curtailment of DIY growth as an overall share of home improvement product sales in 2022, as many homeowners completed planned projects throughout this year and the last. However, growth will continue further in the professional products market as COVID-19 restrictions ease and projects once on hold resume. This means demand for certain products will continue to increase in areas where contractor-led projects are high. The top growing merchandise lines for professionals (with forecast compound annual growth rate through 2025) are siding and exterior trim at 11 per cent; gypsum and specialty boards at 9.5 per cent; dimensional lumber and boards at 8.4 per cent; roofing and supplies at 8.2 per cent; doors and moulding at eight per cent; kitchen and bath cabinets at 7.9 per cent; and major household appliances at 7.9 per cent.