GRAND RAPIDS, MI - As business furniture manufacturing giants approach end of the latest quarter, the office furniture trade group BIFMA nearly doubled its forecast for 2013 growth.
The Business & Institutional Furniture Manufacturing Association is now forecasting 4.1% for 2013, according to an update posted August 29, with 2013 U.S. business furniture production forecast at $9.6 billion, and consumption at $11.9 billion, a 5.4% rise.
For 2014 the latest BIFMA forecast update, developed with IHS Global Insight, projects $10.2 billion in furniture production, a 6.1 % for next year, with furniture consumption pegged at $12.8 billion in 2014, a whopping 7.7% increase over 2013.
The more bullish BIFMA forecast outpaces the $9.5 billion in production foreseen with the June 2013 figures, when production was expected to grow 2.1%; and consumption was forecast at $11.7 billion, a +3.6% increase.
BIFMA forecasts casegoods, furnishings and storage systems used in business offices and hospitality, educational, medical and other institutional settings. Statistics are based on IHS Global Insight industry forecast model. Production is manufacture by U.S. based firms; consumption reflects a broader sales figure, including imports. The figures for 2012 were $9.3 billion production, a 1.1% drop from 2011; and $11.3 billion in consumption, a 1.4% gain which accounted for $2.7 billion in imports and $735 million in exports.
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