A recovery in the construction sector will drive Millwork Shop Drawing industry revenue growth in the next five years. After a contraction in construction activity in the two years prior to 2011, Millwork Shop operators will benefit from improved residential construction, which will return to more cyclical growth.Furthermore, pent-up demand from first-time home buyers and more favorable economic conditions will breathe life into the Millwork and Casework industry. Competition from substitute materials like vinyl, however, is a growing concern for millwork manufacturers. However on the Shop Drawings side the material types are a non effect as the Drafting does not change! The Millwork industry is in its mature phase. The industry’s value added, which measures the industry’s contribution to the domestic economy, is expected to increase at an average annual rate of 4.5%. Meanwhile, GDP is forecast to rise at an annualized rate of 2.7% during the same period.
In the next decade up to 2019, the number of companies operating in the Millwork industry is forecast to remain relatively stable, growing only marginally at an average annual rate of 0.8% to 3,939 firms. Moreover, mergers and acquisitions have increased in the industry, serving as another key indicator of the industry’s mature life cycle stage.
While it seams the Millwork and Casework Shop Drawing Companies are becoming in high demand as Millwork shops proceed with cautious optimism in mind as staffing there drafting departments becomes a major question. Do we bring on a whole new Drafting staff or Outsource to an Experienced American Based Millwork and casework Specific Shop Drawing Company.
CAD-CON DESIGN LLC 772-408-8175