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Factoids offer brief snapshots of current topics pertinent to the Furniture industry based on our on-going research. Increase your grasp of current trends, consumer attitudes, and shifts within the industry through solid statistics and concise insight.

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Do Election Years Spur Industry Growth? U.S. Presidential Terms (1997 to 2016) Gross Domestic Product Growth over the Previous Year

This is the third factoid in a series of five factoids exploring the possible connection between election years and a healthy economy. Looking back over the past 20 years and the elections those years encompassed yields interesting results. With the exception of the Great Recession in 2008, a possible heightened sense of confidence and hope for the future during election years may partly be responsible for higher furniture sales growth, consumer confidence, gross domestic product and lower unemployment rates.

The Gross Domestic Product or GDP is defined as the monetary value of all the finished goods and services produced within a country’s borders in a specific time period. The GDP has made its largest gains during election years with the exception of the Great Recession. In both Bill Clinton’s 2nd term and George W. Bush’s 1st term, the value of U.S. goods and services increased by more than 6.5 percent from the previous year. It remains to be seen whether 2016 will follow the same trajectory. The fourth factoid of this series will show the drop in unemployment rates during election years.

Source: U.S. Department of Commerce

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