May 4, 2005—The Business and Institutional Furniture Manufacturer’s Association (BIFMA) International recently released office furniture shipment data for the first quarter of 2005.
US manufacturer’s shipments increased 17 percent in the first quarter (as compared to the first quarter of 2004), from $1.96 billion to $2.29 billion, exceeding earlier expectations, says BIFMA.
Global Insight, the economic consulting organization, has also just released the latest industry forecast covering the rest of 2005 and 2006. Office furniture shipment growth is expected to continue, though at a somewhat slower rate. For the balance of calendar year 2005, quarterly growth is expected to range between 8 and 10 percent.
Service sector (or white-collar) employment growth and increasing investment in new office building construction are the primary factors driving the expectations for furniture industry growth over the next 18 months. Global Insight anticipates a growth rate of about 7 percent for calendar year 2006, to a level of $10.68 billion.
Established in 1973, BIFMA International is a not-for-profit trade association of furniture manufacturers and suppliers addressing issues of common concern. For more information, visit the associations Web site.
