INDUSTRY NEWS UPDATE APRIL 10, 2019

Check out what’s been happening in the cabinet industry the last few weeks from the Kitchen Cabinet Manufacturers Association:

Formaldehyde Rule in Full Effect
As of March 22, 2019, the TSCA Title VI Formaldehyde Emissions Standards for Composite Wood Products Rule is officially in effect. KCMA has reported on this issue and our work surrounding the regulation for more than a year.

 "This is good news for composite wood panel manufacturers and companies that use the panels to make components and finished goods, as it means one, more seamless regulatory system nationwide," says Composite Panel Association President Jackson Morrill.
KCMA

Technology is Key to Bringing Millennials into Manufacturing
Technology is proving to be a driving force behind change in the manufacturing industry and it could be the answer to the question of how to get younger generations interested in manufacturing.

 According to Manufacturing.net, a recent study showed that only 49% of millennials thought manufacturing offered fulfilling careers. It is imperative for manufacturing organizations to be more vocal in sharing the exciting technology opportunities at their companies. Ongoing developments in artificial intelligence, robotics, automation, integration, gamification, and real-time data are what interest Millennials and what will connect the industry to younger generations.

Millennial Kitchen Trends
Millennials are a huge target market for the housing industry with their spending power and vast numbers. This is a generation focused on health and well-being, and work/life balance. They prefer simplicity and minimalism.  So how do these characteristics translate into kitchen and bath choices?
  • Nearly 50% of millennials want luxury kitchens with lounge furniture that serves more than one purpose
  • 49% of millennials opt for kitchen islands Multiple work stations in kitchens and varying counter heights for different uses
  • Millennials are more likely to opt for modern or farmhouse style cabinets

Kitchen
Photo courtesy of Builder Online.

Economic Update
Housing starts fell 8.7% in February to  a seasonally adjusted rate of 1,162,000.

The National Association for Business Economics project that growth, as measured by the gross domestic product, will reach a modest 2.4 this year and just 2 percent in 2020.

 New orders for manufacturerd goods increased slightly by 0.1% in January.

 IHS Markit Flash U.S. Manufacturing PMI dropped to 52.5 in March, the lowest reading since June 2017.
------
To learn more about KCMA and the offerings we provide to members, please visit our website and become a member today!

Comments

Post a Comment

Popular posts from this blog

Image
INDUSTRY NEWS UPDATE AUGUST 21, 2019 It's been anything but a lazy summer for the Kitchen Cabinet Manufacturers Association - check out what's been happening in the cabinet industry the last few weeks: REMODELING SPENDING EXPECTED TO SLOW According to the Leading Indicator from the Joint Center for Housing Studies of Harvard University, remodeling activity is declining drastically. Home improvements and repairs are expected to drop  from 6.3% this quarter to less than 1% by the second quarter of the next year.  The decline may be attributed to the fact that home price appreciation has slowed and isn’t outpacing income growth like it once did in some markets. “Declining home sales and home building activity coupled with slower gains in permitting for improvement projects will put the brakes on remodeling growth over the coming year,” said Chris Herbert, Managing Director for Housing Studies. Click here to read more. ATTRACTING MILLENNIAL AND GEN Z TALENT Th...
Read more
Image
This Year's Favorite Cabinet Style is Green Today’s consumers and homeowners are all about living a green lifestyle – one that is aligned with environmental responsibility and sustainability. This is a lifestyle that extends beyond the simple green choices like buying organic produce and recycling. People are looking for opportunities that have a positive impact on the environment. And that’s why more and more of them are looking for the KCMA Environmental Stewardship Program (ESP) Seal on their cabinets. The KCMA Environmental Stewardship Program is committed to ensuring that cabinet manufacturing companies are aligned with Green best practices for organizations. The National Green Building Standards (NGBS), an ANSI standard, is the leading green residential building rating system in the United States. NGBS certification ensures that residences are independently verified by a third party for compliance with a comprehensive green standard. KCM...
Read more