Benjamin Moore CEO is bullish on housing
Posted May 4, 2019 8:14 a.m. EDT
CNN — The housing market has done extremely well over the past few years thanks to low interest rates and steady job growth.
That's great news for paint giant Benjamin Moore, the Berkshire-owned company that competes with Sherwin Williams, PPG and Behr.
But Benjamin Moore CEO Dan Calkins said that there is one problem. A well-publicized shortage of workers in the housing industry means that sales could be even better than they already are -- even though he said the housing market is "hot."
"Contractors are having trouble finding people. There's plenty of jobs available but not enough hand on deck. We'd be selling even more paint if there were people to it," Calkins said.
Calkins said he's not too concerned about the possibility that the economy will eventually cool off either. He said Benjamin Moore has held up well during most slowdowns -- with the Great Recession being the obvious exception.
"In 2008, we all played a heavy toll," Calkins said. "I hope we don't see anything like that ever again."