Home builders, designers and manufacturers all flocked to the Las Vegas Convention Center yesterday to kick off Design & Construction Week.
Founding partners the National Association of Home Builders and the National Kitchen and Bath Association are co-locating the International Builders’ Show® (IBS) and the Kitchen & Bath Industry Show (KBIS) for the third year in a row in Las Vegas. Additional partner events this year include The International Surface Event (TISE) and the International Window Coverings Expo (IWCE).
Design & Construction Week is expected to draw an attendance of 110,000-plus residential construction and design professionals to browse trends, network with industry professionals and attend educational seminars.
On the first day of the show, attendees were invited to the IBS Grand Opening Ceremonies at the Westgate Las Vegas Resort & Casino. Headlining the ceremonies was comedian Jay Leno. Directly following the opening ceremonies, attendees flooded the convention center to check out the latest innovations from over 2,500 exhibitors.
Predictions for a Booming Year for Home Builders
The air was filled with an excitement, especially with the announcement of where NAHB sees the industry heading in 2016. The group is forecasting 1.26 million total housing starts in 2016, which is an increase of 13.4 percent from the 1.11 million starts in 2015.
According to economists, an improving economy, solid job growth, rising consumer confidence, higher household formations and pent-up demand are all factors bringing buyers back to the marketplace.
“There are a number of positive indicators that provide solid evidence this will be a good year for housing and the economy,” says David Crowe, chief economist of the NAHB.
Additionally, Crowe says that private sector job growth is expected to climb slightly above the previous year, and consumer confidence is almost back to its pre-recession high.
As far as consumers embarking on remodeling projects in 2016, the association projects remodeling spending for owner-occupied single-family homes to increase 1.1 percent over 2015, along with an additional 1.9 percent in 2017.
Stay tuned the rest of this week to hardwareretailing.com to see the latest trends and hear the most up-to-date news from Design & Construction Week.