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BIFMA revises forecast downward, foresees 18% drop this year. (Trends & News).

The Business and Institutional Furniture Manufacturers Assn. lowered its expectations for 2002 in its new office furniture industry forecast.

BIFMA anticipates an 18% drop in office furniture shipments this year, to just under $9 billion. The association expects a reversal next year, with a 7% increase to $9.6 billion.

If the forecast holds true, shipments will drop to their lowest level since 1994. Shipments will be off more than one-third from their 2000 peak of $13.285 billion.

DRI-WEFA, BIFMA's economic consulting organization, said weak office construction and low corporate investment will keep orders down in the short term.
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Title Annotation:Business and Institutional Furniture Manufacturers Association
Publication:Wood & Wood Products
Article Type:Brief Article
Geographic Code:1USA
Date:Sep 1, 2002
Words:100
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