Industry Analysis & Industry Trends
Low business sentiment and high unemployment adversely affected the industry during the recession, as demand for office furniture remained low. Meanwhile, rising import penetration from China has hurt industry revenue further since the country is able to produce goods at much lower costs. Nevertheless, with the improved job market, demand will revive slowly in the five years to 2018, spurring growth for office furniture manufacturers... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Office Furniture Manufacturing industry is in the mature stage of its life cycle. In the 10 years to 2018, industry value added, which measures the industry's contribution to gross domestic product (GDP), is expected to fall at an average annual rate of 2.2%. On the other hand, GDP is projected to increase an average of 2.1% per year in the same period. This indicates that the industry's contribution to the economy is expected to perform below the US economy. The decreasing number of enterprises in the ten years to 2018 is also characteristic of a mature industry. For example, the three largest operators in the industry, Steelcase, Herman Miller and HNI Corporation, closed a total of seven manufacturing plants in 2009... purchase to read more