5 June 2007 — St Petersburg (FL): The office furniture industry in April continued to see growth, though it was moderate by industry standards, reports The Monday Morning Quarterback.
"The April data largely confirms our view that industry growth is moderating toward a GDP-like three percent to six percent growth rate," Budd Bugatch of Raymond James reportedly wrote in a research note.
The Business and Institutional Furniture Manufacturer’s Association (BIFMA) reported that orders in April had increased five percent year-over-year to $855 million, Bugatch’s wrote in his notes. Shipments rose two percent to $840 million.
Bugatch said growth would probably settle at a rate that tracks the GDP in the absence of a noneconomic driver, like the adoption of a new technology such as the personal computer, which has fuelled outsize growth in the past.