2026年春季美国与加拿大建材行业洞察报告

U.S. and CanadaBuilding Products INDUSTRY INSIGHTS S p r i n g2 0 2 6 Learn More Executive SummaryExecutive SummaryExecutive SummaryExecutive Summary Percentage of M&A transactions completed bystrategics or sponsor-backed strategics in 2025 Executive Summary Average 30-year fixed mortgage rate in December2025, down steadily from thehighest average rate inthe past decade (7.62% in October 2023) U.S. nonresidential construction spending in August2025, a 1.2% increase over the prior year U.S. Market Update U.S. Housing Indicators High interest rates and constrained housing supply continued to shape the U.S. housing market in 2025, althoughconditions showed modest improvement toward year-end. Despite a gradual decline over the past 18 months, theaverage 30-year fixed-rate mortgage remained elevated at 6.19% in December 2025. Reflecting the persistence Home prices nationwide remained near record highs in 2025, supported by structurally limited housing supplyand sustained homeowner reluctance to sell due to mortgage rate lock-in effects. As a result, more homeownersopted to renovate or remodel their existing properties rather than purchase new homes. Additionally, the LeadingIndicator of Remodeling Activity (LIRA*) returned to positive growth in 2025 after several quarters of decline,reflecting renewed optimism in remodeling activity largely driven by elevated home prices. Housing affordability remained a prominent concern throughout the year, as average mortgage paymentsaccounted for ~30% of household income. The Housing Market Index (HMI), a monthly measure of builder confidence, declined steadily throughout 2025and was 21.3% lower YoY by year-end. This decline in sentiment reflects continued demand-side affordabilitypressures and persistent supply-side cost headwinds, which collectively outweighed the positive impact of easing U.S. Housing Indicators The federal funds rate was reduced three times in 2025; however, 30-year mortgage rates remained elevated at 6.19% as ofDecember 2025. Mortgage rates had largely priced in these anticipated policy moves beginning in September 2025, resulting in only a modest reaction following the official rate-cut announcements. The Consumer Confidence Index (CCI)declined steadilythroughout 2025,down 18.6% YoY in December 2025 amid uncertainty surrounding the labor market and cost-of-livingpressures. The HMI declined steadily throughout 2025, reflecting sustained affordability pressures, ongoing buyer hesitationand U.S. Housing Starts U.S. Home Sales and Inventory An inadequate supply of existing homes continued to strain the U.S. housing market in 2025. Near-term projections indicate a 3.7% increase in newsingle-family housing supply in 2026, offering modest relief to market conditions. Despite gradually easing borrowing costs, persistently high buildingmaterial prices contributed to a 2.3% YoY increase in the national median price of newly constructed homes in 2025 compared to 2024. Existing home sale prices have risen steadily over the past two years. The median price of an existing home is projected to reach approximately$434,200 in 2026, representing a 4.3% increase from the 2025 median. Existing home sales volumes increased only modestly in 2025compared withthe prior year and are expected to rise by an additional 4.3% in 2026. Continued constraints in new residential constructionareexpected to support U.S. Home Prices The S&P CoreLogic Case-Shiller U.S. National Home Price Index (NSA), which tracks average home prices across major metropolitanareasnationwide, increased 1.4% YoY in October 2025. Over the same period, the Case-Shiller 10-City Index rose 1.9%, while the broader 20-City Despite these more moderate price gains, U.S. housing affordability remained a meaningful headwind through October 2025, as mortgagepayments continued to consume approximately 30% of median household income, according to Intercontinental Exchange, Inc., even with some U.S. Home Remodeling Activity Based on the LIRA, spending on improvements and repairs to owner-occupied homes increased modestly by 1.8% in the third quarterof 2025.Remodeling activity is expected to continue rising gradually throughout 2026, supported by elevated interest rates, an aginghousing stock andpersistent constraints in overall housing supply. The near-term increase in remodeling activity is closely tied to persistently elevated interest rates, which have raised the effective cost of movingfor homeowners who locked in historically low mortgage rates. Faced with high switching costs associated with financing a newhome purchase,many homeowners are opting to invest in remodeling their existing properties, which generally represents a more cost-effective alternative to U.S. Nonresidential Construction Activity In August 2025, nonresidential construction totaled $1.24 trillion on a seasonally adjusted annual basis, reflecting a 1.2% increaseYoY. Activity in several major segments, including office,