The Business and Institutional Furniture Manufacturers Association forecasts a 6.8 decline in the US office furniture market to $10.6 billion for 2008.  The outlook is a sizable downgrade from the 0.6 percent decline forecast in February for 2008.

 

The outlook, prepared by Global Insight and updated quarterly, also forecasts a 6.3 percent shipment decline in 2009 to $10 billion, more than twice the decrease than previously predicted.

 

The outlook presumes a mild U.S. recession, with a 1 percent decline in gross domestic product for the second quarter and a flat or slightly negative GDP in subsequent quarters

 

The office furniture industry in 2007 grew 5.5 percent, to $11.41 billion, the fourth straight year of growth following a devastating decline that saw sales fall 36 percent from 2001 to 2003, from $13.28 billion to $8.50 billion.