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What Is Driving Residential Flooring Demand?

As demand for single family construction cooled in 2022, so did the residential flooring market. Robust repair and remodeling (R&R) activity was able to fend off part of the overall decline. Overall year-over-year flooring demand grew only 1% by volume, from 15.9 billion square feet in 2021 to 16 billion square feet in 2022. Market headwinds are expected to impact the category again in 2023 before things turn around in 2024.