LIRA forecasts robust remodeling spending in 2018
Residential remodeling and repairs are expected to have another sturdy year in 2018, according to the latest Leading Indicator of Remodeling Activity released today by the Joint Center for Housing Studies of Harvard University.
LIRA projects that homeowner spending on improvements and repairs will approach $340 billion in 2018, a 7.5% increase from 2017 estimated spending
"Steady gains in the broader economy, and in home sales and prices, are supporting growing demand for home improvements," said Chris Herbert, managing director of the Joint Center for Housing Studies. "We expect the remodeling market will also get a boost this year from ongoing restoration efforts in many areas of the country impacted by last year's record-setting natural disasters."
"Despite continuing challenges of low for-sale housing inventories and contractor labor availability, 2018 could post the strongest gains for home remodeling in more than a decade," said Abbe Will, research associate in the Remodeling Futures Program at the Joint Center.
Will noted that annual growth rates have not exceeded 6.8% since early 2007, before the Great Recession hit.
Robinson Home Products adds to its team
Robinson Home Products, a company whose kitchen-enhancing brands include Oneida, appointed Melissa Gross to the position of business director, tabletop. Gross brings to Robinson Home Products over twenty years of experience in product development, including global manufacturing, sourcing, and buying.
She recently served as the director of product development for Shinola Detroit, LLC. where she was responsible for all sourcing, development, and production of the Shinola branded product, developing merchandising strategies and negotiating final pricing.
Prior to her employment with Shinola, Goss developed product lines for companies such as Springs Global US, Inc., Ralph Lauren Corporation, Williams-Sonoma, Inc., and others, establishing a successful record of sound business judgment, responsibility, and achievement.
Ross Patterson, President, Robinson Home Products, stated:
We welcome and appreciate Melissa's rich experience in brand and product management, both on the vendor side and on the buyer side of our industry,” said Ross Patterson, president, Robinson Home Products. “Melissa comes to us at a pivotal time in Robinson Home Products growth and expansion as we celebrate double-digit growth of our core businesses and enter a time of exciting, new owned-brand launches."
Gross will be based out of the Robinson Home Products, NYC office location.
PPG posts strong Q4 sales
PPG, the paint and coatings manufacturer, reported fourth quarter 2017 net sales of approximately $3.7 billion, up nearly 8% from 2016 net sales of $3.4 billion.
For the full-year 2017, PPG posted net sales from continuing operations of approximately $14.8 billion, up more than 3%, versus sales of $14.3 billion in 2016.
PPG also reported a fourth quarter net income from continuing operations of $184 million, nearly double a net income from continuing operations of $91 million in the fourth quarter 2016. The company’s 2017 full-year reported net income from continuing operations was $1.4 billion, soaring compared to a net income of $547 million in 2016.
Sales in PPG’s performance coatings segment, including consumer house paint, automotive refinishes, and aerospace products, were $2.1 billion during the quarter, up 7% over the prior year. Industrial coatings sales grew 8% to $1.6 billion for the quarter.
“In the fourth quarter, we delivered solid and balanced sales growth in each major region, and both reporting segments achieved at least 2% sales volume growth,” said Michael McGarry, PPG chairman and CEO.
The Pittsburgh-based company also reported that it will spend at least $2.4 billion on acquisitions and share repurchases in 2018.