Rss

Office Furniture Sector Experiences Increasing Growth

office furniture

According to latest sales figures along with the quarterly activity index, it is now evident that the office furniture sector is now experiencing generous growth and it would seem that this growth would continue on to next month’s NeoCon tradeshow which would be held in Chicago.

Knoll Inc. and HNI Corp. are two of the most notable key players in this growth, other than that; they are also one of the leading providers in this industry. Both of them had reported that their furniture divisions have had strong sales growth for the last month, April.

Meanwhile, throughout the rest of the office furniture industry, Michael A. Dunlap & Associates LLC have registered 56.80 on a scale of zero to one hundred which can be compared to January’s 57.27 and as well as a 57.58 experienced six months ago. The index for the month of April is also considered as the third biggest since last 2007.

Michael Dunlap had said that the industry is continuing to move steadily and is also improving on its trend line. He also said that they are reaffirming their prediction that the industry is heading towards the achievement of experiencing the best year in more than a decade.

The index reportedly gauges in 10 different categories and this is based in the surveys from different furniture makers and suppliers executives. Last April, three of these categories have experienced an improvement while the remaining 7 have declined with ‘minor adjustments’ to be made.

The declines for last April are considered by Dunlap as not very significant since they have been experiencing growth since 2013. He also said that the industry will continue to grow in the second and third quarter of this year.

With Knoll and HNI, the sales for office furniture have doubled in the first quarter. The Knoll based in The East Village, Pa has reported a sale of $167.7 million while the HNI based in Iowa has a sales of $407.4 million with 13.7 percent increase from the last quarter.

It has been projected that sales for HNI will grow from 8 percent to 12 percent in the next quarter.

All in all, it can be said that it will be a good year for the office furniture industry.