Welcome to the weekly installment where we look back and forward at some of the biggest news stories affecting the window and door installation, glazing, and fenestration industries. Whether it's a new product line, a significant industry shift, or a major upcoming event, we'll have it all covered.
A Western Australia project for renewable hydrogen energy paves the way for the potential for net-zero glass manufacturing.
Scotland-based Xodus is working on a project called MercurHy whose goal is to create a green hydrogen production plant with up to 1,000 megawatts of electrolyzer capacity. To secure more funding, Xodus partnered with VRX Silica to look at potentially supplying renewable hydrogen to power the glass company’s manufacturing.
Renewable hydrogen powering a glass-manufacturing facility could eventually lead to net-zero glass production.
The company releases an annual lookbook featuring forecasts from designers, architects, and style makers. These insights can help window and door dealers focus on products and home areas customers might be more interested in 2023. The top six trends in home building and renovation for the year ahead include:
PBI, a major supplier to insulating glass manufacturers, just released a 100 percent warm-edge spacer. The brand-new product, called “Future,” is a composite spacer that allows for no thermal bridges in the glazing, leading to high energy efficiency in the window.
The spacer is also finished with an anti-UV film that doesn’t generate heat. The film doesn’t scratch, and is typically more matte than the current trend in RAL colors. PBI’s warm-edge spacer is expected to offer some of the highest energy efficiency in the insulating glass market and is available in 95% of all requested colors and finishes.
Dodge Data & Analytics chief economic Richard Branch recently released an analysis entitled On the Razor’s Edge: Will the U.S. Economy Enter Recession and How Will Construction Starts Respond in 2023.
In the construction outlook, Branch examines whether or not the U.S. will enter a recession and the impact on new construction projects in the new year. The analysis was based on various data categories tracked throughout 2022.
Dodge’s findings anticipate a slowdown across a variety of sectors which will impact window and door projects among the majority of other trades. After experiencing a 17% increase in 2022, construction starts are expected to be flat in 2023.
In 2022, total construction starts hit $1.086 billion while in 2023 is expected to reach $1.083 billion. Total construction starts are expected to drop 3% after adjusting for inflation.
According to Richard Branch, “The economy is slated to significantly slow, unemployment will edge higher and for parts of the construction sector it will feel like a recession.”
The report also suggests that the slowdown won’t be experienced evenly across sectors. According to the data, infrastructure and manufacturing won’t be impacted as much as residential and commercial starts.
Branch also believes increased home prices will impact the residential housing market in the new year.
According to Dodge’s data, Branch reports that
“The bottom of that trough of the single-family market is probably in late Q1, early Q2. We'll see mortgage rates stabilize, we think that allows the housing market to stabilize in Q2, and then there will be fairly small improvements as we get through the end of the year. We're still looking at another 6% decline in the housing market, but we do think that by the time we're at that this point next year that we'll start to see some improvements in the construction side.”
You will need to get creative in motivating homeowners to purchase new windows and doors in 2023. When discretionary spending dries up, it’s important to find ways to pivot to show how windows and doors can be essential upgrades to one’s property.
If 2023 is going to present selling roadblocks, we have to get more creative with messaging. Window and door pros can use fear of missing out (FOMO) to boost sales, especially during the holidays.
FOMO, or Fear Of Missing Out, is a marketing strategy that drives potential customers to act quickly on purchasing windows and doors before it’s too late.
To make the most out of FOMO,you need to focus on specific selling strategies that promote why windows and doors should be essential purchases in the coming year.
We sat down and listened to sales pros in the window and door industry about what FOMO messaging actually works with customers, especially during the holidays.
We've taken all that info and created a 4-week guide to effective holiday sales messaging. This guide also includes free email templates - and they’re completely free.
That's all for this edition of This Week in Window & Door News. Be sure to check back next week for more news and growth strategies to scale your business.