Chicago, IL, February 3, 2006--Office furniture shipments saw double-digit growth for the fifth straight month in December, according to a Business and Institutional Furniture Manufacturers Association study released late Wednesday.
The BIFMA study reported office furniture shipments rising at a robust rate of 14 percent on the year to $860 million, which continues, which analysts said indicated demand recovery continues unabated.
Following a sharp decline in the office furniture industry from 2000 to 2003, improving sales have boosted profits at companies like Herman Miller Inc. (MLHR.O: Quote, Profile, Research), Steelcase Inc.(SCS.N: Quote, Profile, Research), HNI Corp. (HNI.N: Quote, Profile, Research) and Knoll Inc. (KNL.N: Quote, Profile, Research) since late 2004 in particular.
Raymond James analysts Budd Bugatch and Chris Thornsberry wrote in a research note that the "data continues the pattern of solid demand recovery" witnessed over the past 18 to 24 months.
The BIFMA survey was carried out in December, with data collected from 45 companies that represent some 76 percent of total industry volume.
Shipments in November rose 15 percent on the year to $870 million, compared with 13 percent annual growth recorded in October.
