As operators' sales volumes recover, many have expanded operations and added employees.
New York, NY (PRWEB) August 09, 2014
The Tile and Marble Stores industry has experienced a significant recovery from the prolonged and substantial downturn in home improvement that occurred amid the housing crisis of the previous decade. Retailers in this industry primarily sell to professional contractors in the residential and nonresidential building markets, as well as to do-it-yourself homeowners. “Industry products are purchased during new construction projects or remodeling activities, which had initially declined sharply as a result of lower consumer spending and a severe drop in investment in downstream construction markets during the recession,” according to IBISWorld Industry Analyst Nick Petrillo. Since 2009, however, industry revenue has recovered sharply in response to steady growth in the number of housing starts, the value of residential construction and private spending on home improvements over the past five years. Consequently, revenue is expected to grow impressively at an average annual rate of 7.9% over the five-year period to total $11.2 billion in 2014.
“As operators experience major recovery in sales volumes, many have expanded operations and added additional employees to their enterprises,” says Petrillo. In the five years to 2014, establishments are expected to grow at an average annual rate of 2.0% to 5,057. Similarly, total employment in the industry is expected to increase by an annualized 2.1% rate to 26,479. Since 2010, conditions have slowly improved, with the economy gradually strengthening. Housing starts have substantially rebounded by an annualized 14.4%, private spending on home improvements grew an annualized 2.4% and the value of residential construction grew an annualized 6.0%. As a result, revenue for establishments within the Tile and Marble Stores industry is anticipated to grow an additional 11.0% in 2014, representing a significant improvement from the industry's recessionary struggles.
Over the five years to 2019, IBISWorld forecasts steady growth for the industry that will fall in line with continued stabilization across housing and construction markets. Although the rapid turnaround in housing starts is not expected to continue at the same torrid pace, continued growth in residential and nonresidential construction will help the industry grow over the five years to 2019.
For more information, visit IBISWorld’s Tile and Marble Stores in the US industry report page.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld.
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189.
IBISWorld industry Report Key Topics
This industry primarily sells tile and marble slabs through direct and electronic retail sale. The industry does not include mass merchants or home improvement stores, but it does include the retail locations of vertically integrated tile and marble manufacturers.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.