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.
Professional will manage roughly half of all the kitchen remodels this year. Within this group, roughly 50% will be priced between $20,000 and $50,000. Among projects involving NKBA members last year, 35% were worth between $50,000 and $100,000, and 10% cost at least $100,000.
Likewise, pros also will manage half of all the 2.5 million bathroom remodels this year, NKBA predicts. Within that group, 50% are priced between $10,000 and $30,000. And last year, when NKBA members were involved, 31% of the bath projects cost at least $30,000.
NKBA members can get Phase I of the study for free. Non-members can buy it for $299 at nkba.org/research. Phase II is expected to be available this fall.