The
spray foam industry is alive and well. Clearly, construction projects
and contractors in our industry have been somewhat impacted over the
past couple of years by elevated inflation and interest rates, as well
as other dynamics impacting the larger economy. But spray foam projects
have gained momentum despite it all. Now, with inflation much more under
control and incremental interest rate cuts expected to be forthcoming
in 2024, signs are overarchingly positive for spray foamers.
Two
things are likely to enhance demand for spray foam insulation this year.
The first is the expectation that construction of new homes will
pick-up. Moderate growth in new construction starts is anticipated,
especially as we reach mid-year. New housing is desperately needed to
meet demand and homebuilder confidence is growing in anticipation of
interest rate cuts.