Woodworking Small Business Outlook in the U.S. [2024] - EngiMarket

Woodworking Small Business Outlook in the U.S. [2024]

Update - 2024.06.18Woodworking Small Business Outlook in the U.S.: 100 Key Statistics for 2024.

Overview

The woodworking industry in the United States is poised for significant growth and transformation in 2024. As small businesses continue to be the backbone of this sector, they play a crucial role in driving innovation, sustainability, and economic impact. With a projected tools market size of $10 billion and an expected compound annual grow rate (CAGR) of 10.07%, the woodworking industry is seeing a surge in demand for custom, eco-friendly, and technologically advanced products. This article delves into the current state of woodworking small businesses, highlighting key trends, technological advancements, and market dynamics that are shaping the future of this vibrant industry.

Small woodworking businesses are not only contributing substantially to the U.S. economy but are also adapting to new challenges and opportunities. From the rise of online sales and sustainable practices to the adoption of cutting-edge technologies like CNC machines and 3D printing, these businesses are at the forefront of change. This comprehensive overview provides valuable insights into the economic impact, market trends, regulatory environment, and future outlook of woodworking small businesses in the U.S., offering a detailed snapshot of what to expect in 2024.

Economic Impact

  1. The woodworking tools market is expected to grow at a CAGR of 10.07%, reaching US$10.024 billion by 2028, up from US$5.122 billion in 2021 [Knowledge Sourcing Intelligence].
  2. Small businesses make up 90% of the woodworking industry in the U.S. [Federal Register].
  3. The median annual wage for woodworkers was $39,390 in May 2023 U.S. Bureau of Labor Statistics.
  4. Employment in the woodworking industry is expected to increase by 2% in 2024 U.S. Bureau of Labor Statistics.
  5. Small woodworking businesses typically have profit margins ranging from 10% to 20% FINMODELSLAB.

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