The U.S. hardwood flooring industry employs 45,000 people, contributes $4 billion to U.S. gross domestic product, and generates $8.5 billion in U.S. economic output. These and other statistics were released in an Economic Impact Study commissioned by the Hardwood Federation. The study was funded by the National Wood Flooring Association (NWFA), in conjunction with a dozen other hardwood-focused associations and organizations.
In addition to hardwood flooring, the report also analyzes the economic impact of a variety of other hardwood products, including lumber, veneer and plywood, trusses, windows and doors, pallets, cabinets, furniture, architectural millwork, and window blinds.
The study analyzed the economic contribution of the hardwood industry by aggregating three separate impacts: direct, indirect, and induced. Direct impacts are the benefits producers directly receive in the form of sales. Indirect impacts are realized by businesses supporting the hardwood industry, like industrial loggers and transportation companies. Induced impacts are those created from the spending of labor income and profits. Purchasing groceries is an example.
Data is presented as a national whole, and by state in hardwood producing regions, which gives hardwood companies current statistics to utilize when meeting with state and local government officials. It also will be a valuable tool during the annual Hardwood Federation Fly-In to be held in Washington, DC this September, during which Hardwood Federation members will meet with members of Congress to educate them about issues impacting their companies and communities.
The full study is available at www.hardwoodfederation.com.