State of the Wood Flooring Industry 2002: Wartime Recession

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Hf 0402 22

The year 2001 was an uncertain one by any account. The nation started the year with a new president and an economy that, after years of unstoppable growth, was shifting down a few gears. As the year continued, that became even more evident as tech companies crumbled and the stock market suffered. Speculation ran rampant that the boom times' bubble was finally going to burst, and frontpage headlines ran around the world when the president dared utter the "R" word—recession.

The wood flooring industry is far from high-tech, but it enjoyed the boom years nearly as much as the darlings of the NASDAQ. Business was so good for so long that it seemed unfathomable it would end. Fortunately, as 2001 progressed and the tech companies fell, the wood flooring industry didn't suffer the same fate. By late summer, however, it was evident to many that the booming years were over for now. The industry wasn't stopping by any means, but for most companies, there was a perceptible slowdown.

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