BIFMA reported that November 2008 shipments fell by 9% to $900 million. BIFMA compiled its November 2008 report from 38 companies that account for more than 76% of the industry’s volume.
Raymond James analyst Budd Bugatch said, “We expect conditions to become increasingly challenged through the balance of 2009 given long lead times between planning and completion of major projects, tightening credit conditions.”
Bugatch also said that business confidence and sector-service employment are at recessionary levels. He also said that the decline in November 2008 office furniture orders and shipments was startling.
