U.S. Ceramic Tile Market Showed Slight Downturn in 2022
With the U.S. residential sector slowed by rising mortgage rates and inflation, supply chain issues, and labor shortages, the U.S. ceramic tile market experienced a slight downturn last year, according to the Tile Council of North America.
The U.S. Census Bureau reported new home starts declined for the first time since the beginning of the Great Recession. The 1.56 million units started in 2022 were a 2.9% decrease from the preceding year. Hindered by rising mortgage rates and record-high average sales prices, new single-family home sales fell for the second year in a row. The 644,000 units sold in 2022 represented a 16.4% decline from the previous year.