Views:3 Author:Site Editor Publish Time: 2019-04-24 Origin:Site
Over the five years to 2018, the Woodworking Machinery Manufacturing industry experienced a period of strong revenue growth in the US. During the period booming construction activity, particularly for residential structures, supported the industry's revenue growth. Housing starts have grown at an annualized rate of 7.0% during the period, resulting in more builders buying woodworking machinery to make new houses. This activity also generated increased demand for wood products, which drove wood producers to purchase more industry products. Over the five years to 2018, industry revenue is anticipated to grow an annualized 6.0% to total $873.1 million, including a 7.0% jump in 2018.
Over the past five years, the Woodworking Machinery Manufacturing in the US industry has grown by 6.0% to reach revenue of $873m in 2018. In the same timeframe, the number of businesses has declined by -0.7% and the number of employees has grown by 3%.
The Woodworking Machinery Manufacturing in the US industry consists of Sawmill equipment, lathes, planers, molders and other equipment, parts and accessories and home workshop equipment.
The industry in the US is exposed to the following threats and opportunities:
Wood product manufacturers require a range of woodworking machinery to complete projects. As the price of lumber increases, this tends to improve profit margins for these operators, freeing up capital to invest in new woodworking machinery from industry companies. The price of sawmill lumber is expected to decline in 2018, posing a potential threat to the industry.
Homebuilders use woodworking machinery during the construction process. Therefore, as more houses are built demand from contractors for industry products rises. Housing starts are expected to increase in 2018, representing a potential opportunity for the industry.