More than 10% of American homeowners spent $85.2 billion on a kitchen or bath remodeling project in 2015, while new construction spending on K+B totaled $48.6 billion, the National Kitchen & Bath Association (NKBA) reported today. Here is a quintet of slides that deliver key numbers from the report, which was presented during the KBIS show in Orlando.
Extrapolating from an early 2016 survey by The Farnsworth Group of 1,078 homeowners, builders, remodelers and general contractors, the NKBA calculated that during 2015, roughly 10.2 million households undertook a kitchen remodel or replacementproject while 14.2 million households launched a bathroom remodel or repacement job.
Nearly half of kitchen projects were budgeted at $15,000 or more, while 21% of respondents spent $7,500 or more to remodel their master bathroom.
Here's the breakdown NKBA found of what got purchased in a kitchen remodel ...
... and this is what NKBA found was spent on bathroom work.
The study breaks down kitchen and bath activity by age group, segment product behaviors, average amount spent on product, and estimated retail market value. NKBA members can get an executive summary of the work for free and the entire research report for $99 members. For non-members, the report costs $499. Contact www.nkba.org for details.
