Talking to leaders in flooring, many have noted softness or a bit of a slowdown in 2019. Voices attribute it to a number of things: an unstable political climate, tariff issues surrounding imports, the economy, the upcoming election season, indicators like low housing starts, and confusion among consumers in the marketplace. While we’re a couple of months away from turning the calendar to 2020, most of us are already knee deep into planning for the coming year. What should we anticipate for next year?
Alan Beaulieu, president and principal of ITR economics, and his team are not forecasting a recession, thank goodness. While the beginning of 2020 may start off slow, ITR projects that businesses need to get ready for a rise in the latter half of the year, and that means a boost to business. What’s pointing them in this direction? Single-family housing starts, for one, which serve as a bellwether for the economy, will rise. Beaulieu projects that manufacturers, distributors, and retailers of construction materials will get busier in 2020. There’s a need for more installers, and contractors should experience more profit opportunities.