Demand for design services in August took a markedly downward swing compared to July’s already soft score, according to a new report released from The American Institute of Architects (AIA).
Herman Miller, the luxury furniture maker whose Aeron chair is in the Museum of Modern Art, is the most frequent recipient of DHS money for office furniture.
Trade concerns cited as Institute for Supply Management’s manufacturing index falls to lowest level since January 2016.
With the U.S.-China trade war sapping demand, companies have limited options for protecting profits.
The extent to which the president’s tweet orders are enforceable remains unclear, but his tweets were certainly enough to throw the markets in disarray.
The Institute's monthly Architecture Billings Index came in at a score of 50.1 last month, which is a 1-point increase from June's score.
Office furniture manufacturing stocks were hammered with Knoll falling 3.47%, Herman Miller sliding 3.37%.
Office furniture makers just don't employ enough high paid lobbyists, apparently toothpick makers do.
Demand for long-lasting goods produced by U.S. factories decreased in May for the third time in four months, underscoring a broader slowdown in the manufacturing sector.
Steelcase Inc. said some U.S. customers are asking to delay deliveries because they can’t find the workers needed to finish construction of new offices.
AIA’s Architecture Billings Index (ABI) score for May showed a small increase in design services at 50.2, which is slightly down from 50.5 in April.
Design activity for industrial and commercial purposes has been in contractionary territory for the last four quarters. Interior designers operating in the institutional sector reported an IDBI score of 47.9, while those in the commercial sector reported a score of 48.8.
The April 2019 index declined more than six points to 57.73 which is slightly below the 58.23 survey average. The previous all-time high and low were in July 2018 (66.86) and July 2009 (41.40).
Business spending also slumped sharply in the first quarter, standing at 2.7 percent, down from 5.4 percent in the fourth quarter. Business investment also slowed from the previous quarter, with agricultural machinery and office furniture posting the largest declines.
"With a solid pipeline of active tenant requirements, we expect leasing totals to pick up later in the year,” says Nicole LaRusso, director of Research & Analysis for CBRE Tri-State.