GRAND RAPIDS, MI – The Business and Institutional Furniture Manufacturers Assn. (BIFMA) said January orders fell 25% to $565 million and shipments fell 26% to $630 million, according to Reuters. The drop reflects the largest year-over-year percentage declines since the 2001-2002 recession.
BIFMA also lowered its 2009 forecast for orders to a decline of 26.5%, compared with its prior estimate of a drop of 11.6%. Additionally, it now sees shipments falling 19.3% versus its previous forecast of a decline of 13.1%.
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