(PRWEB) November 28, 2017
Metrostudy, a Hanley Wood company, announced today the release of its third quarter 2017 New Pool Index (NPI), detailing activity in the new in-ground pool installation industry.
In third quarter 2017, the New Pool Index increased 7.9 percent from one year earlier and 1.9 percent from the previous quarter to a reading of 45.8. U.S. pool builders have become increasingly confident in 2017 and recent economic strength has boosted the near term outlook for activity. The NPI is expected to see an 8.2 percent year-over-year increase at year-end 2017, followed by a gain of 9.4 percent at year-end 2018.
“Job growth bounced back in October after Hurricanes Harvey and Irma, and third quarter’s report on GDP showed another solid gain. There are few signs of the labor market slowing, and more signs the economy as a whole is strengthening,” said Mark Boud, Chief Economist at Metrostudy. “Additionally, major stock indexes are up 20 percent from one year ago. This strength in the economy and investments is giving more Americans the confidence and ability to spend on new pools. The pool market is improving at a quicker pace than builders may have expected, as many are now reporting backlogs into 2018. We forecast new pool installations to remain on a steady track of improvement over the next few years, with expectations that Year 2021 will mark the first year since before the Great Recession that project totals will top 100,000. Renovation, repair, and maintenance of existing pools will continue to be a big driver of business within the pool industry, especially in hurricane-impacted areas.”
Metrostudy produces the NPI to provide the industry visibility into local market pool activity, forecasted future activity, and potential demand. According to the company’s third quarter report, 355 Metropolitan Statistical Areas are expected to see year-over-year growth in new pool projects in 2017, with average growth of 19.6 percent.
For more information on accessing the full quarterly report, please email Katie Welch at kwelch(at)metrostudy(dot)com.
About the New Pool Index
The NPI is a quarterly measure of the level of pool installation activity in 381 metropolitan statistical areas (MSA) in the U.S., with the national composite reflecting the national level of activity. On the national level, a number above 100 indicates a level of pool activity higher than the level of activity in 2005, which was the peak of pool installs in the prior decade. Each MSA’s activity index is computed independently based on that market’s pool related data and shows the current level of activity in the specific MSA relative to the MSA’s own history and relative to year 2005.
The index is produced through a statistical model that leverages detailed data on pool installation activity, including household level pool permits, existing pool locations, and survey of planned pool purchases. Quarterly historical results for the national composite and for each of the 381 Metropolitan Statistical Areas in the U.S. are available back to 2004. In addition, Metrostudy also produces annual estimates of pool project counts as well as forecasts of the quarterly index and annual project counts.
Metrostudy is the leading provider of primary and secondary market information to the housing and residential construction industry. Metrostudy’s actionable business intelligence informs investment decisions that mitigate risk and grow revenue for builders, developers, lenders, suppliers, retailers and manufacturers. It’s the construction industry’s only integrated data intelligence solution supported by the most extensive U.S. geographic coverage. Learn more at Metrostudy.com.
About Hanley Wood
Hanley Wood is the premier company serving the information, media, and marketing needs of the residential, commercial design and construction industry. Utilizing the largest analytics and editorially driven Construction Industry Database, the company provides business intelligence and data-driven services. The company produces award-winning media, both digital and print, high-profile executive events, and strategic marketing solutions. To learn more, visit hanleywood.com.