Continued Weaknesses in Housing and the Overall Economy Result in Two Years of Market Declines
The home improvement market hadn’t seen a decline since 1991. In the HIRI/Global Insight home improvement products market forecast update of August 2008, we now have revised estimated declines of both 0.7% in 2007 and 3.1% in 2008. The estimate for 2008 sales was lowered by $5.3 billion from the previous forecast (February 2008) to $296.8 billion. The updated 2007 forecast for the market came in at $306.2 billion, a downward revision of just $0.5 billion. The continued downturn in the housing market coupled with..
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