HBS Update With Simon Baker

Clearly, the economy is displaying some signs of distress, particularly with ongoing inflation and the recent interest rate increases within the U.S., but we have to remember the big picture as well. There is real demand for our product and services and it's likely only going to get stronger.

The cost of natural gas and electricity is rising, there is concern about the environment and there is action occurring at the state level to drive building codes. All of these factors increase the need for a superb insulation solution that conserves energy, lowers energy bills and reduces greenhouse gas emissions. Our industry is that solution.

Homebuilders now understand the material’s core thermal and air sealing benefits and have helped spray foam become well-established in the new build market. There is also much opportunity within the retrofit arena. There is a lot of existing, older housing stock - much of it built during the 1960s, 70s and 80s - whose insulation does not perform to current standards. This is a huge opportunity for spray foam contractors who can assist these many homeowners with retrofits that save energy, reduce energy costs and provide a much more comfortable family living space. So, while we are currently seeing a slowdown in new home construction, it is offset by retrofit opportunities.

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