Investor Presentaiton
Aging U.S. Housing Stock Is An Important Repair & Remodeling
Leading Indicator
Increasing Age in Years of U.S.
Housing Stock: 2011 vs 20211
600
500
Historically Stable Growth in U.S. Repair
& Remodel (R&R) Expenditures ($B) 2,3
28-year CAGR of ~5%
11 or less
12 to 21
22 to 31
32 to 41
42 or more
2011 2021
400
300
200
100
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
•
Pent up Demand: Median age of a U.S.
home is approximately 40 years old, up
from a median age of 31 years in 2005
•
Past Underinvestment: Homes under 11
years old fell to just 10% of total stock in
2021, down from 17% in 2011 due to ~10
years of below-trend new construction
Historically Resilient: Excluding the
.
2006-2009 financial crisis, the largest
calendar year decline in R&R demand
since 1996 was just (2.3%) in 2002
Aging U.S. Housing Stock & Declining New Home Affordability Supports Strong Multi-Year Repair & Remodel Demand
American Woodmark
1 NAHB; 2 Harvard JCHS; 32023E are estimates based on Harvard JCHS projections as of January 19, 2023
10
2021
2022
2023EView entire presentation