Furniture and bedding retail sales top $108 billion in 2017 – MIGE office furniture

guangzhou office furniture manufacturer furniture and bedding retail sales increased an estimated 3.3% this year reaching $108.2 billion. Retail sales totaled $104.8 billion in 2016, 2.7% over 2015’s sales of $102 billion.

These furniture and bedding sales figures are Furniture Today’s market research estimates, based on personal consumption expenditure data from the U.S. Department of Commerce’s Bureau of Economic Analysis.

The U.S. economy remains in expansion through 2017. Economic reports are “a reflection on the fairly solid economic environment we’re currently enjoying” said Russell Price, senior economist at Ameriprise Financial Inc. in Detroit.

Median household income has continued to grow. The real median household income for 2016 was up 32% to $59,039 from the 2015 median income of $57,230, according to the latest information from the U.S. Census Bureau. The increase in median income was seen across all characteristics including region, age, and race and ethnicity.

Housing starts, however, is a low spot. After three months of decline, October saw a housing start increase of 13.7% to 1.29 million up from a revised September of 1.135 million, but down 2.9% from one year ago.

“Housing still remains a drag on the economy, as shortages of labor and available lots, coupled with rising building material prices, further complicate existing inventory, affordability and sales challenges,” said Fannie Mae Chief Economist Doug Duncan.

Sales for housing have seen improvement, though. Through September, new home sales have increased 18.9% from August to a seasonally adjusted annual rate of 667,000, an increase of 17% over September 2016. guangzhou office partition manufacturer existing home sales reversed course slightly in September after three months of decline, rising by 0.7% to 5.39 million.