While Metrostudy’s quarterly report on inground swimming pool construction continues the moderate-growth trend seen in the last couple years, it has hit some high marks not seen since 2013/2014.
The market intelligence firm, owned by PSN parent company Hanley Wood, said Q1’s New Pool Index rose 9.2% over the same period in 2017 and 2.3% over the quarter before. The year-over-year gain was the highest since the first quarter of 2014, the company said, while the quarter-to-quarter increase was the highest since the third quarter of 2013.
“First quarter measures of the New Pool Index were very positive, but the pool industry was somewhat restrained in first quarter 2018 due to inclement weather in seasonal markets, creating some backlog that will be deferred to second quarter,” said Metrostudy Chief Economist Mark Boud.
He added that this growth follows the same trajectory as that of the home-remodeling industry, which also continues to benefit from low unemployment and increasing home values. “We expect steady improvement in new pool activity in 2018, with renovation and repair continuing to capture a large portion of business,” he said.
Recent tax cuts may help the market grow even more, he added.
The analysts expect inground swimming pool construction to increase 9.3% for the whole year. For next year, however, the firm expects growth to moderate.
To calculate the New Pool Index, Metrostudy compiles statistics from 381 markets across the U.S. In its quarterly report, the company also ranks all these markets based on its outlook. Once again, the top 10 was dominated by Florida market areas:
1. North Port-Sarasota-Bradenton, Fla.
2. Naples-Immokalee-Marco Island, Fla.
3. Tampa-St. Petersburg-Clearwater, Fla.
4. Miami-Fort Lauderdale-West Palm Beach, Fla.
5. Deltona-Daytona Beach-Ormond Beach, Fla.
6. Los Angeles-Long Beach-Anaheim, Calif.
7. Panama City, Fla.
8. Orlando-Kissimmee-Sanford, Fla.
9. Pensacola-Ferry Pass-Brent, Fla.
10. Cape Coral-Fort Myers, Fla.
