August 29, 2001—A furniture industry forecast released by the Business and Institutional Furniture Manufacturer’s Association (BIFMA) shows that office furniture shipments declined by just over 16 percent during the second quarter of 2001 as compared to the second quarter of 2000. Incoming orders declined by 19 percent, and year-to-date shipments are down 9 percent.
The report predicts continued negative order and shipment growth through the rest of 2001 and into the first half of 2002.
According to BIFMA, this latest outlook reflects recent historical revisions made to key macro-economic variables by the Bureau of Economic Analysis, which made sharp downward revisions to corporate profits. Another key factor is a decline in office-building construction.
The report concludes that the declines should moderate after the third quarter of this year, and recovery should begin during the second half of 2002.
For more information, contact BIFMA at 616/285-3963.
