From our sibling Hanley Wood publication, Remodeling:
Americans will spend $31.2 billion this year to remodel 1.8 million kitchens and 2.5 million bathrooms, new research conducted for the National Kitchen & Bath Association (NKBA) suggests.
That $18.2 billion for kitchen remodels and $13.0 billion on bath jobs accounts for about a quarterly of the $121.7 billion expended on remodeling projects, NKBA said in its report, compiled by The Farnsworth Group of Indianapolis and released today.
In its forecast, Farnsworth excluded repair and replacement projects, which it estimated was worth $204.4 billion in spending last year. The $31.2 billion also excludes the spending to install 1.2 million kitchens and 2.8 million baths in new homes annually, as well as on kitchens and baths that get remodeled in commercial and other non-residential buildings.