Are paint prices still going up? Well, in a word, maybe. In two words, maybe not. Paint prices have risen steadily due to raw materials price increases, or shortages during a period of high demand. Earlier this year the NAHB commented that, “Year over year, the prices of exterior and interior paint have climbed 30.3% and 21.2%, respectively. Prior to 2021, the record 12-month price increase for exterior paint was 8.5% and 10.1% for interior paint — each of which was set in March 2019.”
Bob Vila quotes these same figures on his website, adding that the price of architectural coatings went up over 20% from 2021 to 2022. He warns his readers that most of their home improvement projects would cost significantly more this year than last.
Sherwin goes up
Sherwin-Williams has a good track record of being transparent about its price increases, usually announcing them in advance so customers decide if and when they need to raise their own prices to compensate. An article in Market Watch quotes company president John Morikis as saying, “The company is implementing a 10% price increase across the Americas on Sept. 6, with significant additional pricing actions being taken in our other two operating segments.” Morikis cited inflation, plus a second quarter shortfall, as the reason for the increase.
What are we hearing?
In two words, not much. APC asked several paint manufacturers if they thought their prices would increase, decrease, or stay the same, but only one that we contacted has responded. Perhaps you can ask your company rep if they can shed any light as you plan your estimates for the fall and winter.
PPG’s Annie Wang, director of pricing and strategic analysis for PPG’s architectural coatings business in the U.S. and Canada, stated that PPG was not planning any price changes at the moment, but would react to the market changes going forward. Her responses below:
Q. Have you had to increase prices lately?
A. Due to industry-wide raw and packaging material shortages, as well as inflated transportation costs, we increased our prices in May of 2022.
Q. Do you foresee continued price increases in the future?
A. We continue to monitor cost inflation and deflation, and will adjust price as necessary, based on these economic trends. We are committed to keeping our prices as competitive as possible for our customers, while also ensuring we are paid a fair price for the value we deliver.
Q. Any thoughts as we move into 2023?
A. As we head into 2023, we think that paint prices will remain stable for the most part, except for some necessary adjustment for inflation or deflation.
Painters and contractors weigh in
We asked contractors to share their recent experience with prices. Here are a few of their observations:
Contractor from Alberta, Canada: "Prices have been going up incrementally for the last few years, especially since the Texas freeze, Covid shutdown and Covid startup. Paint is now double the price it was ten years ago."
Contractor from Canada: "Through the roof — shortages and downright shutdowns of products. I am lucky. I can buy from a Canadian manufacturer/supplier that cut back their lines to support me (a Canadian buyer). Internationals such as SW/PPG seem to still be struggling. Whatever stupid excuses I hear it come down to the reality of the Covid pandemic. I am in business. I adjust. That’s how it’s done."
Contractor from Georgia: "BEHR just went up 10 to 20%."
Contrctor from Michigan: "In my area only a few different brands have changed price by a dollar or two."
Contractor from Ohio: "Zinsser BIN went from $45 a gallon to $75 a gallon in the past 6 months."
Let us know your experience, and if you’re a manufacturer, let us know what we can expect!
Lumber and Paint Lead Building Materials Price Increases in January - NAHB
Sherwin-Williams Cuts 2022 Earnings Guidance - MarketWatch
10 Inflation Price Hikes Raising the Cost of 2022 Home Projects - Bob Vila
More Paint Price Increase?
There's no need for the question mark on this article heading. We all know that as long as Sherwin-Williams can use covid/supply chain/weather/employee shortage/summer/winter/monday/ friday/too much/too little as an excuse to raise prices they have and will. My company just buys less and less from S&W and more and more from PPG and Benjamin Moore. It's called Supply and Demand! PPG and Ben Moore *Supply the fair price that my company *Demands! Proving that some companies are less woke than others.
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