The National Kitchen & Bath Association (NKBA) released its 2021 Kitchen & Bath Market Outlook in January and recently added a July update to the report. The report provides a thorough assessment of the U.S. residential kitchen and bath industry and gauges current market size and forecast for the entire year.
The July update of the NKBA outlook revealed that industry revenues continue to soar, and the latest forecast predicts revenues of $170.9 billion, nearly 8 percent higher than January’s estimate. That number is also 21 percent above the 2020 revenue of $140.8 billion.
Of the homeowners surveyed, 30 percent plan to increase spending for home remodeling projects in 2021. Only 20 percent are upping their budgets for eating out, entertainment, travel or health.
Kitchen and bath projects ranked No. 1 and No. 2 as the top areas homeowners want to remodel, with 55 percent of respondents planning to remodel a kitchen and 40 percent wanting to redo a primary bathroom. Exteriors, patios and decks and primary bedrooms were the other top picks.