GRAND RAPIDS, MI -- Shipments of office furniture are projected to increase at an 8.3% clip in 2011, according to a forecast by IHS Global Insights' produced on behalf of the Business and Institutional Furniture Manufacturers Association Intl. (BIMFA).
According to the latest report, orders grew at a "vigorous 9.3% this year and are expected to slow towards a more sustainable 5.6% growth rate in 2011."
In addition, BIFMA's summary of the report noted that "office furniture orders and shipments came in higher than forecast during the third quarter of 2010 as vacancy rates abruptly plunged to levels last seen a year ago. Furthermore, spending by businesses runs counter to the rest of the economy and has benefitted office furniture demand substantially. Annualized shipments for calendar year 2010 are expected to grow 4.4% as growth in the second half of the year makes up the losses in the first half."
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