Industry Analysis & Industry Trends
The Millwork industry has experienced challenging conditions in the past, due to a volatile housing market; however, recent market trends in construction have boosted revenue and brought new businesses to the industry over the five years to 2016. In the coming years, the residential construction market is expected to accelerate and push demand for the industry's products as rising disposable income will support investment in high-quality remodeling activity from consumers. However, the industry's wooden products will continue to compete with lower-cost substitute materials, such as aluminum and vinyl... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Millwork industry is in its mature phase. The industry's value added, which measures the industry's contribution to the domestic economy, is expected to increase at an average annual rate of 5.1% from 2011 to 2021. Meanwhile, GDP is forecast to rise at a lower annualized rate of 2.2% during the same period. While this indicates the industry is growing, the growth is largely accelerated due to recovery, rather than organic growth in terms of new players and innovation among products.
In the 10 years to 2021, the number of companies operating in the Millwork industry is forecast to remain relatively stagnant, declining slightly at an average annual rate of 0.8% to 3,123 companies... purchase to read more