Gains in Construction Spending to Spur Wood Millwork Demand

Cleveland OH, November 21, 2023 — US demand for wood millwork is forecast to increase 1.9% yearly in nominal terms through 2027, according to Wood Millwork: United States, a report recently released by Freedonia Focus Reports. Suppliers are projected to benefit from rising building construction expenditures, the aesthetically pleasing properties of wood, and the perception of wood as an environmentally friendly material. The number of housing starts in 2027 is projected to register at a similar amount to the historically high levels in 2022 – preventing faster gains but supporting continued elevated demand levels. However, further growth will be limited by the drawbacks of wood (e.g., susceptibility to cracking and decay). Strong competition from products made from cement, metal, and plastic materials will restrain further gains.

In 2023, demand is projected to fall 5.6% as residential building construction activity is expected to drop 6.1% in nominal terms and inflation in the price of building products eases amid improvements in supply chain bottlenecks created by the COVID-19 pandemic. Furthermore, residential building improvement and repair expenditures in nominal terms, which expanded strongly during the 2020-2022 period, are forecast to fall slightly in 2023. In unit terms, conventional housing starts are projected to fall 17% in 2023 while conventional housing completions drop 13%. However, housing starts and completions are expected to return to historically high levels by 2027, supporting sales of wood millwork.

These and other key insights are featured in Wood Millwork: United States. This report forecasts annually to 2027 US wood millwork demand in nominal US dollars at the manufacturer level. Total demand is segmented by product in terms of:

• moulding and trim

• doors

• flooring

• windows

To illustrate historical trends, total demand, the various segments, and trade are provided in annual series from 2012 to 2022.

Millwork is defined in this report as fabricated wood millwork, including products covered with materials such as metal and plastic. Excluded from the scope of this report are cut stock, dimension lumber and other wood products manufactured from logs and bolts, millwork fabricated at construction sites, and finished furniture parts and frames. Re-exports of wood millwork are excluded from demand and trade figures.

More information about the report is available at:
https://www.freedoniagroup.com/freedonia-focus/wood-millwork-united-states-ff20012.htm

About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Construction & Building Products reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:

• total historical market size and industry output

• segmentation by products and markets

• identification of market drivers, constraints, and key indicators

• segment-by-segment outlook in five-year forecasts

• a survey of the supply base

• suggested resources for further study