Rebounding office and commercial construction expenditures will drive growth
(PRWEB UK) 11 November 2012
ReportBuyer.com the leading website for market research reports has added a new report which forecasts US demand for decking to rise 2.7 percent per year to 3.5 billion lineal feet in 2014, valued at $6.2 billion. This pace will represent a rebound from the 2004-2009 period, when demand fell less than one percent annually, reflecting the collapse of the housing market between 2007 and 2009. Through 2014, decking demand gains will be driven by a rebound in housing completions from their low 2009 base.
Wood & Competitive Decking – US Industry Forecasts for 2016 & 2021 says that the residential market accounted for 59 percent of decking demand in 2009, a lesser share than the historical average, which is indicative of the low level of housing activity in that period. Through 2014, decking demand in the residential market is forecast to advance at the most rapid pace of all markets. Rebounding housing completions and improvement and repair expenditures will spur gains. Growth will also be supported by homeowners' desire for larger decks. Not only do these larger decks require more deck boards, but many homeowners will install additional railings and other accessories to create separate areas for dining and entertaining, or to add safety features to prevent falls by small children or older adults.
The 360 page report predicts that the non-residential market will outpace non-building sector. Decking demand in the non-residential market is projected to rise 2.4 percent annually through 2014. Rebounding office and commercial construction expenditures will drive growth. Owners of such facilities as restaurants and resorts will add decks to increase space for leisure activities. Demand for decking in the non-building construction market will rise slowly through 2014, as budget constraints on government agencies will cause the delay or cancellation of deck installation and maintenance projects.
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