Designers Project Growth in Residential Spending
Washington, DC, June 16, 2014 -- The Interior Design 2014 Outlook and State of the Industry, produced by the American Society of Interior Designers, forecasts 2014 will be one of the strongest years for residential spending since 2009.
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The data indicate positive economic growth for residential interior design.
Unemployment rates are reaching pre-January 2008 numbers; housing starts are continuing to improve; and consumers and commercial developers are once again spending on renovation, remodeling and new construction.
Total industry sales have continued to increase: up 2% in 2013, with an additional 6% increase forecast for 2014.
“The effects of the recession hit the interior design industry in late 2008, with the number of practicing designers and interior design firms declining to pre-housing boom levels,” said Randy Fiser, executive vice president and CEO of ASID.
“However, as highlighted in the first quarter Interior Design Billings Index, the number of interior design firms is on track to grow 4% by the end of 2014."