Lorberbaum: Full Recovery Could Take Years

Calhoun, GA, Aug. 29, 2011 -- Mohawk CEO Jeffrey Lorberbaum said it could take four or five years for the carpet industry to fully recover from the current downturn.

Speaking at a meeting of the Gordon County Chamber of Commerce in Georgia on Friday, Lorberbaum said that weak housing growth and tight credit remain the main obstacles to the carpet industry’s recovery.

He also said the industry needs consumer confidence to rebound and suggested that politicians are making the problem worse.

“We need government to create confidence through consistency,” he said. “When you get uncomfortable, what do you do? You spend less.”

Lorberbaum noted that carpet sales are down nearly 40% from the peak five years ago.

Another problem for the industry has been the rising cost of oil, which is both used in the production of carpet and transportation of finished products.