News

Woodworking Industry Looks to Future Upswing

February 14, 2011

Citing growth projections for the economy and an increase in exhibit sales for the Association of Woodworking & Furnishings Suppliers (AWFS) Fair, the woodworking industry is anticipating an increase in future home renovations.

Exhibit sales for the AWFS Fair have picked up strongly, with a large number of exhibitors are returning from 2009. “The fact that many exhibitors have decided to return, including several that have sat out an entire show cycle, is an extremely encouraging sign for the industry,” said Joan Kemp, president of AWFS Board of Directors. “Ultimately, those that will benefit the most will be our attendees. In the end, that’s what truly matters and we couldn’t be happier.”

Additionally, an IBIS World Industry Report is projecting that growth of household disposable income is expected to drive spending on home renovation activities.  Even though the overall projected growth rate will be below the pace during the housing boom, spending is projected to be up sharply from the recent downturn.  The cabinet, bathroom vanity and countertop manufacturing industries are projected to grow to 3 percent per year to $14.7 billion during the five years to 2015, and millwork is posed for annual rise of 4.8 percent for the next five years.
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