Swedish flooring manufacturer Kährs Group reported mixed results for the third quarter of 2024 due to continued weak demand in a cautious market primarily for new construction in the Nordics and North America.
October housing starts fell to 1.31 million units annually, with single-family starts down 6.9% but up 9.3% year-to-date. Despite rising mortgage rates, builders remain positive about 2025's outlook, anticipating regulatory improvements and Federal Reserve interest rate cuts to boost construction activity.
Builder confidence increased to 46 in November, marking the third consecutive monthly gain. While optimism grows over potential Republican regulatory relief, challenges persist, including labor shortages, lot availability, and elevated material prices. Price cuts remained steady at 31% of builders, with average reductions of 5%.
The National Floorcovering Alliance (NFA) has expanded its membership with the addition of USA Flooring, a second-generation family business operating five locations across North Carolina.
Women in the Floorcovering Industry (WIFI) continues its professional development initiative with an upcoming virtual session focused on innovative networking strategies.
The flooring industry faces significant challenges in Fall 2024 due to multiple supply chain disruptions. Hurricane Helene and Hurricane Milton devastated the Southeast, while a dockworkers' strike briefly halted East and Gulf Coast ports. Although the strike was suspended, experts warn of potential long-term effects and urge flooring businesses to prepare for future crises by diversifying sources and managing inventory strategically.
Mohawk is enhancing its digital marketing capabilities through an expanded partnership with Cyncly for Edge Omnify Websites, while also adding both Broadlume and Cyncly as new partners to its Edge Local Advertising suite.
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