As previously reported, 2003 was a good year for the industry. Industry shipments were the highest ever, with 1,316.6 million gallons having a value of $16,933.9 million. The volume growth represented an increase of 2.0% from 2002, which is slightly higher than the long-term growth rate for the industry. Shipment value increased 3.8% from 2002, compared to a long-term growth rate of 2.0% per year since 1995.
The year 2003 was very good for architectural coatings. With shipments of 772.8 million gallons, this segment continues to set records and represents a larger portion of the total industry. Shipment volume for 2003 is 8.9% ahead of 2002. Shipment value of $8,104.5 million also represents a healthy increase of 6.5%. The Architectural segment now represents 58.7% of the total industry volume, an increase of 3.7% share since 2002. The continued growth in the segment is a direct result of the new housing boom and house resales. The housing market has been influenced by the low mortgage rates for the past several years.