The Plastics Industry Association’s (PLASTICS) Chief Economist, Perc Pineda, PhD kicked off this year’s Carpet America Recovery Effort (CARE) annual meeting by sharing wide-ranging economic analysis spanning global growth projections to data specific to the carpet sector. CARE’s mission is to advance market-based solutions that increase landfill diversion and recycling of post-consumer carpet, encourage design for recyclability.
“It’s a pleasure to be part of CARE’s annual meeting once again,” Pineda said. Sharing his economic outlook to the attendees, his reassuring message that the economy is expected to remain on a growth path this year despite supply chain issues, inflationary pressures, and labor supply shortages lingering as the U.S. continues to recover through the pandemic.
“CARE, just like the plastics industry, is open for business while we continue to deal with the pandemic. We’re poised for growth, and the possibilities remain endless – including in our efforts to address climate change. Our industry and CARE’s efforts provide solutions to the household and business sectors of the economy,” Pineda said.
Pineda noted the rising U.S. imports of carpets and floor coverings and retail sales of building materials and suppliers, which averaged 17.2% monthly year-over-year from May to December in 2020. In the first half of this year, it has increased by 19.2% a month on average year-over-year. Judging by imports and the current demand for carpet and rugs, carpet recovery efforts are expected to continue.
Praising CARE for the work they do, his closing statement to the attendees was, “Assuming no policy missteps and the risks of the coronavirus continue to diminish, the economy is expected to remain on a growth path next year.”