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Daily Archives: December 24, 2021

Gains in Single-Family Housing Expected to Increase in 2022

WASHINGTON, DC — Breaking an eight-year trend, there have been more single-family homes under construction in recent months than multifamily units, according to the National Association of Home Builders, which predicted additional gains in single-family construction in 2022.

Despite some cooling earlier this year, the continued strength of single-family construction in 2021 means that there are now 28% more single-family homes under construction than a year ago, said Robert Dietz, chief economist for the Washington, DC-based NAHB.

“These gains mean single-family completions will increase in 2022, bringing more inventory to market despite a 19% year-over-year rise in construction material costs and longer construction times,” Dietz said.

Ongoing single-family and multifamily housing production accelerated in November, due to strong demand, with overall housing starts increasing 11.8% to a seasonally adjusted annual rate of 1.68 million units, according to U.S. government figures.

Despite inflation concerns and ongoing production bottlenecks, builder confidence in the market for newly built single-family homes also edged higher for the fourth consecutive month on strong consumer demand and limited existing inventory, the NAHB added.

“While demand remains strong, finding workers, predicting pricing and dealing with material delays remains a challenge,” said Dietz. “Building has increased but the industry faces constraints, namely cost/availability of materials, labor and lots. And while 2021 single-family starts are expected to end the year 24% higher than the pre-COVID 2019 level, we expect that higher interest rates in 2022 will put a damper on housing affordability.”

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Demand Seen Strong for Aging-in-Place Remodeling Projects

FOSTER CITY, CA — A significant percentage of American homeowners across multiple home-improvement trades plan to explore aging-in-place projects for themselves or a loved one in the coming year, a newly released survey reveals.

According to the survey’s findings, some 63% of the homeowners polled report that they will explore aging-in-place home improvement projects for themselves within the next 12 months, while another 6% plan to do so for a loved one.

The November survey, which involved some 2,110 respondents in the U.S., was conducted by Modernize Home Services, a Foster City, CA-based online firm that connects homeowners with contractors and other home-services professionals. The company operates in more than 15 home segments, including bathrooms and kitchens.

Among the primary projects to be considered, researchers said, are bath remodels that feature walk-in tubs and seats within a shower. Other aging-in-place products in high demand include medical alerts, non-slip flooring, stair lifts, grab bars and wider hallways.

“There are a few projects that offer more safety and security – such as installing brighter lightbulbs – that can be done by any homeowner, but more complex projects like walk-in tubs and concurrent bath and kitchen upgrades require professionals,” said Modernize V.P. Gregg Hicks. “This study shows an opportunity for contractors to capitalize on the increased demand for aging-in-place home improvement projects in the coming years.”

 

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Did you miss our previous article…
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Wellness Features Termed a ‘Necessity’ for Today’s Homes

INDIANAPOLIS — Well­ness fea­tures, impacted by the COVID-19 pandemic and an elevated awareness of indoor envi­ron­ments’ impact on phys­i­cal and men­tal health, are no longer a lux­u­ry, but rather a necessity in today’s homes, a leading wellness expert contends.

According to Dr. Jie Zhao, exec­. v.p. of Delos, a New York-based well­ness real estate and tech­nol­o­gy com­pa­ny, COVID-19 has literally reshaped the way homes – including kitchens and baths ­– will be designed, built, equipped and remodeled in years to come.

“Peo­ple are much more cog­nizant of the impor­tant role that homes play in our lives, and how these envi­ron­ments can have a pos­i­tive or neg­a­tive impact on the well­ness of their inhab­i­tants,” Jie said.

At the recent “Insights Sum­mit,” an annual event sponsored by the Home Improvement Research Institute (HIRI), Jie outlined four key wellness trends that he believes will have the greatest impact on home improve­ment in the post-pan­dem­ic world. Among them:

• Indoor Air Quality: Because virus­es spread through the air much eas­i­er than by sur­face con­tact, the pan­dem­ic shed light on the impor­tance of indoor air qual­i­ty, or IAQ, as a com­po­nent of a healthy home, Jie said.

“Air fil­tra­tion is vital to the reduc­tion of par­ti­cle trans­mis­sion,” he observed. “Not only can air-clean­ing tech­nolo­gies improve peace of mind when it comes to invis­i­ble health threats like COVID-19, they also tack­le vis­i­ble parti­cles in the air such as smoke and oth­er harm­ful particles.”

Jie said that ven­ti­la­tion and/​or ion­iza­tion tech­nol­o­gy will be at the fore­front of the fight against con­t­a­m­i­nat­ed air in home spaces. ​“For this rea­son, IAQ may be the biggest well­ness trend to have emerged from the pan­dem­ic,” he noted.

• Mental Wellness: Men­tal well­ness issues per­sist­ed long before the emer­gence of the coro­n­avirus, but the amount of atten­tion devot­ed to the top­ic increased sig­nif­i­cant­ly after­ward, Jie said, noting that men­tal health came to the fore­front of con­ver­sa­tion due to iso­la­tion dur­ing stay-at-home orders.

Jie observed that one result of this for the home-improvement industry is the gen­er­al migra­tion away from con­gest­ed cities in favor of larg­er res­i­dences, more nature and less com­mut­ing time. Jie also point­ed to the effect of men­tal well­ness on increased demand in cer­tain prod­uct cat­e­gories, including home enter­tain­ment, artists’ sup­plies, sports equip­ment and pets.

• Home Offices: Anoth­er major change emerg­ing from the pan­dem­ic is the increased impor­tance of the home office.

“Many employ­ees have made invest­ments in their home offices and have got­ten used to work­ing from home,” Jie said, pointing to surveys which found that 80% of work­ers want to be able to work from home three days per week, and 92% want at least one remote work­day per week.

“There has been a rise in office fur­ni­ture and acces­sories that sup­port health and well­ness, such as the stand­ing desk or ergonom­ic key­board,” Jie said, adding that 20-25% of com­pa­nies are cur­rent­ly reim­burs­ing their employ­ees for well­ness-relat­ed home office sup­plies and fur­ni­ture, “hint­ing at the prospect that work-from-home may be around well into the com­ing years.”

• Fitness: While the spread of COVID-19 led to the tem­po­rary clo­sure of most gyms and ath­let­ic insti­tu­tions, it gave rise to new home fit­ness technolo­gies, as peo­ple sought to stay fit with­in the con­fines of their own homes, Jie pointed out.

“Com­pa­nies like Pelo­ton and MIRROR are chang­ing the way we think about fit­ness (and) com­bin­ing the phys­i­cal and vir­tu­al,” he said. “Con­sumers not only pur­chase a piece of gym equip­ment for their home, but they buy into an entire online social and con­tent expe­ri­ence.”

“I expect to see more inte­gra­tion with online fit­ness plat­forms and home décor,” he said. “Peo­ple want con­vert­ible spaces, so the eas­i­er their equipment blends with their home and lifestyle, the bet­ter.”

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