New residential furniture orders rose 29% compared to August 2022 figures, but the comparison can be misleading since that number was down 34% from 2021 figures.
Almanac Market Data
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New residential furniture orders in July 2023 were up 28% over July 2022, according to a new report from Smith Leonard, which produces the monthly Furniture Insights newsletter.
TEMPE, Ariz. — Economic activity in the manufacturing sector contracted in September for the 11th consecutive month following a 28-month period of growth, say the nation's supply executives in the latest Manufacturing ISM Report On Business. Furniture & Related Products and Wood Products were two of the 11 industries that contracted in September. Of the six biggest manufacturing industries, two — Food, Beverage & Tobacco Products; and Petroleum & Coal Products — registered growth in September.
The global cabinet market is expected to grow by $22.57 billion from 2022 to 2027, according to a new market research survey. However, the growth momentum of the market will progress at a CAGR of 5.73% during the forecast period.
Furniture and related products and the wood products industry segments were two of 13 manufacturing industries that reported contraction in August.
June residential furniture orders were up 23% over 2022 figures, however June 2022 was actually down 39% from 2021, according to the analyst firm. Year to date, new orders were down 8% compared to the same period in 2022.
According to second quarter 2023 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area declined to 2,191 square feet, the lowest reading since the end of 2010.
The North America garage furniture market was valued at $708.9 million in 2021 and as per a research study by Astute Analytica, the market is projected to be at a CAGR of 2.4% during the forecast period of 2022-2027. The market is holding an opportunity of $107.4 Million over the forecast period, according to the report.