Interior design is an ever-evolving field, with new trends emerging every year. As we look ahead to 2023, there are several exciting developments in store for the industry. However, one aspect that is always a concern for homeowners and designers alike is the price of materials and labor. In this blog post, we'll take a closer look at what we can expect in terms of prices for countertops, lighting, flooring, and construction labor in 2023.
Countertops
According to the National Kitchen and Bath Association (NKBA), countertop prices are expected to remain relatively stable in 2023. Quartz countertops, which have been a popular choice in recent years, are likely to remain in demand due to their durability and low maintenance.
NKBA's Kitchen & Bath Market Outlook for 2023: https://nkba.org/info/2023-outlook
Lighting
LED lighting has become increasingly popular in recent years due to its energy efficiency and long lifespan. However, according to the American Lighting Association (ALA), prices for LED lighting are expected to increase slightly in 2023 due to a shortage of raw materials. Despite this, the overall trend towards energy-efficient lighting is expected to continue.
ALA's Lighting Industry Outlook for 2023: https://www.americanlightingassoc.com/industry-outlook-2023/
Flooring
Hardwood flooring has been a classic choice for homeowners for decades, but prices are expected to increase in 2023 due to changes in international trade policies. As a result, some homeowners may opt for more affordable alternatives like luxury vinyl plank or engineered hardwood.
Floor Covering News article on wood prices: https://www.fcnews.net/2022/02/wood-prices-continue-to-rise-manufacturers-look-to-offset-tariffs-transportation-costs/
Construction Labor
The cost of construction labor is one of the biggest factors that can impact the overall cost of a project. According to the Associated General Contractors of America (AGC), labor costs are expected to rise in 2023 due to a shortage of skilled workers in the industry. This can lead to longer project timelines and higher labor costs for homeowners.
AGC's 2023 Construction Hiring and Business Outlook Survey: https://www.agc.org/news/2022/02/09/labor-shortages-continue-hold-back-construction-industry-2023-agc-survey-finds
In Conclusion
2023 is expected to bring some changes to the prices of materials and labor in the interior design industry. While some fluctuations are to be expected, it's important to work with experienced professionals who can help you navigate these changes and stay within your budget. By doing your research and planning ahead, you can create a beautiful and functional space that meets your needs and exceeds your expectations.
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