$89.3 Billion Industry: Hardwood Flooring Expecting Massive Growth by 2031
By 2031, analysts expect the hardwood flooring market to become an $89.3 billion industry. As of present-day 2022, the hardwood flooring industry already employs 45,000 people. More so, it generates $8.5 billion in economic output from the United States.
These numbers are not a fluke, either. Hardwood is not just here to stay, it’s here to grow. As new trends sweep the flooring industry each year, hardwood remains the constant with an ever-increasing popularity among homeowners and potential homebuyers. With its timeless aesthetic and renowned durability, hardwood flooring became a mainstay in the American flooring market.
Timeless Aesthetic and Durability
En route to becoming a $89.3 billion industry, homeowners felt drawn to the long-lasting nature of hardwood. Because of its aesthetic, hardwood pairs effortlessly with many forms of design, while providing a sense of warmth and style.
Although hardwood floors aren’t always the easiest to clean and maintain, they do reward owners who put in the effort. A well-maintained hardwood floor not only lasts for decades, it tends to look better as it ages.
This $89.3 Billion Industry Increases Home Values
ROI rewards ROI with hardwood flooring. As hardwood flooring marches to that $89.3 billion industry valuation, it also leads to better offers for home sellers. In fact, installing hardwood floors gave yielded 118% in cost recovery when the property is sold.
In addition, 77% of homeowners find an increased sense of joy with hardwood floors. Simply put, hardwood makes you, and every person who will ever live in your home, happier while making your home more valuable in the process.
The Future of Hardwood Flooring as a $89.3 Billion Industry
As we look towards its $89.3 billion industry future, hardwood remains a consistent staple in the flooring marketplace. Across the landscape, major companies like Mohawk, Karastan, Pergo, and more add to their hardwood flooring lineup.
As a widely sought-after floor covering, homeowners can’t do much better than hardwood floors. To install new hardwood floors in your living space, contact the Chicagoland flooring specialists at Scharm Floor Covering.
