The U.S. flooring industry reported a growth of 3.8% in dollars and 3.2% in volume from last year. Additionally, according to the American Institute of Architects (AIA) Consensus Construction Forecast, the industry experienced annual growth between 3.5% and 4% in 2018.
Part of the reason the flooring sector is doing so well is because of a strong and eco-friendly material flooring option: bamboo.
According to Decorative Hardwoods Association, bamboo and other hardwoods aren’t just durable and look great, but they are directly contributing to the U.S. economy. In fact, a new study shows that the U.S. hardwood forest product industry contributes as much as $348 billion to the U.S. economy and employs over 1.8 million workers.
Hardwood trees take upwards of twenty years or more to reach maturity but are in great demand and can look great inside both homes and offices and be effectively utilized as flooring, furniture, cabinetry, entranceways, and so much more.
In addition to showcasing the industry’s employment and financial statistics, the study took a look at detailed data by hardwood, plywood, and veneer mills, flooring companies, kitchen cabinet manufacturers, and more.
“We are an economic driver in small towns and rural America,” said Kip Howlett, President of the Decorative Hardwoods Association. “This industry is based on environmentally sustainable raw materials. Beautiful natural products combine with wildlife habitat protection, air and water quality benefits, and mitigation to a changing climate.”
The study found that the flooring sector contributed $8.7 billion total gross domestic product (GDP), the hardwood, plywood, and veneer production sector produced $23.8 billion, and kitchen, furniture, window and door, and retail displays added another $143 billion to the U.S. economy. This economic impact study was financially supported by the following organizations:
The American Hardwood Export Council
The Decorative Hardwoods Association
The Kitchen Cabinet Manufacturers Association
The Lake States Lumber Association
The Maple Flooring Manufacturers Association
The National Wood Flooring Association
The Hardwood Federation
The Indiana Hardwood Lumberman’s Association
The Railway Tie Association
The Wood Component Manufacturers Association
The Hardwood Market Report
The Pennsylvania Lumbermen’s Mutual Insurance Company
The National Hardwood Lumber Association
The Hardwood Manufacturers Association
Appalachian Hardwood Manufacturers Inc.