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Feb 10
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LONG
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Mark Rayfield
CEO, Saint-Gobain North America
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The company is aggressively expanding in North America (plants in Montreal, Florida, Georgia) because the region is "underbuilt." There is a structural shortage of 4 million homes. Whether the market is fluid (people moving) or frozen (people locked into 3% mortgages), demand for materials persists. If people move, they renovate the new house; if they stay, they renovate their existing home to add office space/bedrooms. 50% of the company's business is renovation/remodeling. Current build rate is 1.3 million homes, which is better than 2019 but still lagging behind the 4 million needed. Labor shortages in construction and manufacturing; potential for "overshooting" the cycle in specific sub-sectors. |
CNBC
Property Play: Saint-Gobain North America's c...
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