The U.S. office furniture industry is expected to grow 4.0% to $10.2 billion, and to hit $10.4 billion in 2016, according to the latest industry projections from IHS Global Insight/Business & Institutional Furniture Manufacturers Assn.
Residential furniture makers La-Z-Boy and Nova LifeStyle offered an upbeat forecast during their earning call, but office and contract funriture comglomerate HNI (Hon, Allsteel, etc.) is anticipating a slowdown on the horizon. A new ERP computer system at La-Z-Boy "helped us achieve a 12.1% operating margin," says its CEO.
Though 75 percent of homeowners completed a do-it-yourself project in the past three years, nearly 40 percent of them wish they had never done it. Among the most regretted efforts: Refinishing or reinstalling new hardwood floors, with 42 percent wishing they hadn't done it.
A look at the various industry segments that manufacture wood products: kitchen & bath cabinetry, contract furniture, residential furniture, architectural woodwork, closets & home storage, wood components, flooring, windows & doors and industrial wood products (railways, ties, pallets, etc.).