AFMA Releases July Economic Forecast

Furniture World News

The Finance Division of the American Furniture Manufacturers Association (AFMA) has released its July edition of the Quarterly Economic Forecast to member companies. The forecast concludes that industry shipments will increase 5.0% in dollar value, up to $20.959 billion in 1997. Slightly slower expansion is projected for 1998, with shipments increasing 4.3% to $21.861 billion. Consumer purchases of furniture are expected to increase 5.6% in 1997, up to $51.741 billion, and grow a further 4.7% in 1998, up to $54.185 billion. Wood furniture is expected to increase 4.8% in dollar value of shipments, up to $10.184 billion in 1997 and increase 4.1% to $10.602 billion in 1998. Shipments of upholstered furniture are expected to total $8.277 billion in 1997, up 5.3% from 1996. Growth of 4.6% is projected for 1998, up to $8.655 billion. The forecast includes more information on many aspects of the furniture industry as well as general national economic predictions.