Bosch Expects Slow Growth in Housing Market

November 23, 2010

I had the chance today to spend some time talking with Manfred Seitz, chairman, president and CEO of Bosch Power Tools, during a visit to the company's U.S. headquarters.

We talked about several topics, including the company's outlook for the housing market. He said the company is being very cautious, projecting small growth for 2011 in new construction and remodeling, and slightly better growth for 2012.

Although the company has been happy with its performance this year, Seitz said he had anticipated better growth in 2010 than we've seen in the overall housing market.

Globally, the company's business has rebounded strongly in Europe, Asia and South America. China has been especially strong, with "high double-digit growth" for Bosch.

The U.S. economy is very dependent on consumer consumption, Seitz said, and with high unemployment and lower consumer confidence it has been slower to rebound.

Jonathan Sweet is the editor in chief of Professional Remodeler, an award-winning trade publication for remodelers and home improvement contractors. He started his career covering homes and small businesses at a daily newspaper and has spent more than a decade writing for several construction trade publications including Qualified Remodeler, Construction Pro and Concrete Contractor+Jonathan Sweet