Record price increases in 2021 and so far in 2022 in Florida. It is widely known that, as a result of the Covid-19 pandemic, consumer spending priorities switched. Expenditures in home improvement, including fenestration, has grown dramatically during this period of time. The main reason for this uplift in demand makes sense to us: lockdowns forced us to stay at home when otherwise we would have been at the office. The other side of the equation, the supply, has also been widely publicized. Because of multiple worldwide lockdowns, which slowed down or even temporarily shut down the commerce of raw materials and finished products, the global supply chain suffered significant disruptions.
Many of my colleagues from different industries have asked me how the above described scenario affected our prices for windows and doors in Florida. Since January 1st, 2021 to May 30th, 2022, Florida’s window and door manufacturers have increased prices four times. The cumulative price increase has resulted in a 40 to 58% total price spike for this time span.
For those of you non-Coastal residents, our fenestration needs are designed for hurricane protection. As a result, our windows and doors are built to withstand significant wind pressures, as well as impacts by flying debris. These products are called impact-resistant windows and doors, which typically cost at least twice as much as the traditional windows and doors. Hence, a price spike of 58% on a big-ticket item like impact windows really hits home, both literally and figuratively.
The data above is real data from the field, more specifically, from the Florida market. It is the sum of effective price increases by the leading manufacturers of impact-resistant products in Florida. You might ask yourself: why are these numbers so much higher than the reported annual inflation rates for the United States? For that analysis, I would pass it on to a more qualified specialist on this complicated topic.