Like you, I cannot wait to close the book on 2020, and economists say we have a lot to look forward to for 2021.
The Joint Center for Housing Studies of Harvard University reports that the U.S. home remodeling market will report annual revenues of more $500 billion by 2026. Single-family construction in the U.S. started the year at its fastest pace since the Great Recession and, after a brief pause in April, was running back at a 1.1 million annual rate by September—a 22 percent increase from a year earlier.
Economist Brian Beaulieu, president of ITR Economics, who spoke at the North American Association of Floorcovering Distributors’ (NAFCD) virtual convention in November, said COVID-19 is currently the largest looming challenge for our economy, but all indicators are pointing up. The U.S. Gross Domestic Product surged 33.1% in the third quarter as efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19. In the second quarter of 2020, real GDP decreased 31.4 percent. Unemployment lowered to 6.6 percent in October after peaking at 14 percent in April. While many in the country continue to struggle with the fallout from the pandemic, those who have maintained employment are fueling housing demand.
We surveyed flooring pros for their 2021 outlooks in this issue, and they echo similar sentiments. My biggest takeaway from 2020? We’re all figuring it out as we go. Put in the work, don’t get stuck on the way things used to be, and get ready to be surprised next year.