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U.S. Housing Stock Ready for Improvement
CAMBRIDGE, MASSACHUSETTS
After languishing for several years, the U.S. remodeling industry appears to be pulling out of its downturn, and a renewal of the nation's housing stock is underway, according to a major report released today by the Joint Center for Housing Studies of Harvard University.
The U.S. Housing Stock: Ready for Renewal is the latest report in the Improving America's Housing series, published by the Remodeling Futures Program at the Joint Center. Foreclosed properties are being rehabilitated, sustainable home improvements are gaining popularity, older homeowners are retrofitting their homes to accommodate their evolving needs, and the future market potential is immense, as the emerging echo boom generation is projected to be the largest in our nation's history.
"As baby boomers move into retirement, they are increasing demand for aging-in-place retrofits," says Kermit Baker, director of the Remodeling Futures Program. "A decade ago, homeowners over 55 accounted for less than one-third of all home improvement spending. By 2011, this share had already grown to over 45 percent. And generations behind the baby boomers will help fuel future spending growth since echo boomers are projected to outnumber baby boomers by more than 12 million as they begin to enter their peak remodeling years over the next decade."
Additionally, the surge in distressed properties coming back onto the market is contributing to an increase in U.S. remodeling spending. "After limited spending during the housing bust, renovating the more than one million distressed properties that were sold in 2011 contributed nearly $10 billion to home improvement spending," says Eric S. Belsky, managing director of the Joint Center. "With about three million more foreclosures and short sales in the pipeline, there is even more such spending ahead of us."
Average homeowner spending on remodeling was 20 percent higher in the Northeast and 10 percent lower in the South, compared to the national average in 2011. Since the 1990s, however, the Sunbelt metro areas have generally seen stronger growth in home improvement spending. As of 2011, metro areas with the highest per owner improvement spending included the rapidly growing Sunbelt metros of Austin, Las Vegas and Phoenix, as well as traditionally stronger markets such as Boston, New York, San Francisco and Washington, D.C.
Spending on energy-efficiency upgrades, in particular, continued to expand through the remodeling downturn. "The share of total market spending on energy-related projects rose sharply from 23 percent in 2007 to 33 percent in 2011," says Abbe Will, a research analyst in the Joint Center's Remodeling Futures Program. "About a quarter of households undertaking home improvement projects in 2011 did so for energy efficiency purposes."
For More Information, Contact: Kerry Donahue, (617) 495-7640, kerry_donahue@harvard.edu.
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IBS and KBIS to Co-Locate in Las Vegas Beginning in 2014
WASHINGTON, D.C.
 The National Association of Home Builders (NAHB) and the National Kitchen & Bath Association (NKBA) announced an agreement to co-locate the International Builders' Show (IBS) and the Kitchen & Bath Industry Show (KBIS) in Las Vegas beginning in February 2014.
The two events will remain separate and distinct shows held simultaneously at the Las Vegas Convention Center through 2016, creating Design and Construction Week, one of the world's largest gatherings focused on new ideas, products and technologies to design, build and remodel homes.
"This new format allows exhibitors to reach a full range of design and construction professionals who buy, specify and influence the products that go into American homes," said NAHB chairman Barry Rutenberg, a home builder from Gainesville, Florida. "For attendees, it means access to two expansive trade show floors and hundreds of additional suppliers to meet."
"Two shows, two associations and one place to see and connect with every aspect of residential construction and remodeling," said John Morgan, NKBA 2013 president and president of Morgan Pinnacle, a manufacturer's representative for cabinetry and technology brands. "We couldn't be more excited to deliver this special event for the industry."
The new mega-event will be held Feb. 4-6, 2014 in Las Vegas, with each show occupying a separate hall. Kitchen and bath brands that have participated in both shows can choose to exhibit in the KBIS or IBS hall. One pass will provide access to both exhibits. NKBA and NAHB will continue to produce separate educational programming and special events. Future show dates are Jan. 20-22, 2015 and Jan. 19-21, 2016 at the Las Vegas Convention Center.
Design and Construction Week 2014 is expected to draw more than 75,000 specifiers, builders, dealers and suppliers and 2,000 exhibiting brands, based on recent trends for both shows.
 IBS is the largest annual light construction show in the world with 50,000 attendees expected at the 2013 show. Builders, remodelers, developers, architects and other industry professionals from more than 100 countries attend to see the latest products and services from nearly 1,000 exhibitors in more than 200 construction categories, attend dozens of cutting-edge education sessions, visit show homes featuring the latest trends and innovations and network with peers. Now in its 69th year, IBS is organized, produced and managed exclusively by NAHB.
Held annually for the last 49 years, KBIS is the largest event in North America focused on the kitchen and bath segment, attracting more than 700 exhibitors. The 2013 show, to be held in New Orleans, April 19-21, is expected to attract more than 20,000 buyers and specifiers from more than 50 countries, as well as 300 members of the media. Attendees include dealers, designers, architects, remodelers, wholesalers and custom builders. KBIS is owned by NKBA, sponsored by K+BB magazine and produced by Nielsen Expositions.
"Co-locating IBS and KBIS will enable kitchen and bath professionals to benefit through a greater understanding and familiarity with related products, such as windows, doors, flooring and mechanical systems, all of which are critical to overall consumer satisfaction with project outcomes," Morgan said.
"Consumers are, indeed, the common ground between NAHB and NKBA," Rutenberg said. "Co-locating our shows and educational conferences brings together every segment of the industry to advance our collective professionalism and expertise in serving homeowners."
In 2015, Design and Construction Week will expand further with the addition of SURFACES and StonExpo/Marmomacc Americas, Jan. 21-23 at the Mandalay Bay Convention Center in Las Vegas. SURFACES is sponsored by the World Floor Covering Association and is the largest floor-covering industry event in North America for retailers, distributors, installers, designers and homebuilders.
StonExpo/Marmomacc Americas is the only show in North America solely focused on the natural stone industry and is sponsored by the Marble Institute of America and the Natural Stone Council. Both events are produced by Hanley Wood. Shuttle buses will run between the convention centers to allow approximately 25,000 additional attendees to tour all three exhibits.
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Sunset West Signs Lease in Las Vegas
VISTA, CALIFORNIA
Award winning outdoor furniture manufacturer Sunset West has signed a permanent lease for the Las Vegas World Market Center. The company will be showing January 28 - February 1 on the ground floor of building B in space B-166 for the upcoming biannual furniture market next week. Sunset West will be debuting new product introductions that complement some of the existing lines that have proven successful.
"I'm very excited about the permanent location for Sunset West," said Wes Stewart, CEO. "We are at a point as a company where I know we can benefit from showing in a more professional way, rather than in temporary spaces that we have become accustomed too."
In business since 2005, Sunset West operates warehouses in Dallas, Texas, and San Diego, California, from which it distributes outdoor furniture nationally to the wholesale market. The company is able to continue on its aggressive growth path due to a strong background in furniture design, manufacturing, distribution and sales. It also led a technological charge last year with the release of their iPad app.
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