In terms of consumer expenditures on goods and services, Durable Goods (where Furniture is a subcategory) is losing ground to expenditures on consumer Services.
This is the first in a series of factoids detailing Furniture as a percent of Personal Consumption Expenditures. Durable Goods, Non Durable Goods, and Services are the three main categories of Personal Consumption. Durable Goods (with Furniture as a subcategory) has dropped by (-1.5) percentage points from 2006 to 2014Q2, while expenditures on Non Durable Goods has maintained its share at 22.4%. What percentage share Durable Goods has lost, Services has gained during the same time period – up by 1.5pts.
Source: U.S. Department of Commerce, Bureau of Economic Analysis
With strong sales in the third quarter, Bedding proves to be a catalyst for positive growth in the Furniture Industry for 2014. Jumping 9.3% from 2014 Q2, Bedding sales are $9.7 Billion year-to-date – up 4.5% over the same quarter last year.
*2014 Q2 data has been revised..
Combined Furniture and Bedding sales for 2014 (YTD) are up 2.6% over the same period last year. Furniture (excluding Bedding) is up 2.2% and Bedding is up 4.5%.
Based on the first three quarters of sales, the Industry is on track to increase total sales from 2013. Combined Furniture and Bedding sales are $65 Billion in the third quarter – up 2.6% over the same period last year. Furniture (excluding Bedding) increased by 2.2% from 2013Q3 with sales at $55.3 Billion year-to-date. Showing the most growth, Bedding has sales totaling $9.7 Billion in 2014Q3 – up 4.5% from sales of $9.3 Billion in the quarter 3 of 2013.
The chart above shows the performance quarter-to-quarter for 2011Q2 through the second quarter of 2014. While the Bedding Industry had a slight decline of (-1.8%) from the previous quarter, sales are up 4.0% quarter-to-quarter (2013Q2 to 2014Q2).
*Historical data has been revised
The chart above shows the performance quarter to quarter from 2011Q3 through the third quarter of 2014.
With slow but steady growth, Industry sales are up 2.4% compared to 2013Q3 and continue to increase since the second quarter of 2014 – up 1.1%.
Furniture (excluding Bedding) increased 1.9%, while Bedding jumped 4.9% quarter to quarter (2013Q3 to 2014Q3).
The third quarter is almost always Bedding’s best performer, with 2014Q3 following suit. Bedding Sales increased 9.3% from 2014Q2 and 4.9% compared to sales in the same quarter last year. Nine month bedding sales for 2014 are at $9.7 million, up 4.3 percent from the same nine-month period in 2013.
*2014 Q2 data has been revised..
The Industry continued its slow growth in Quarter 3 increasing 1.1% over last quarter (2014Q2) Q3 sales totaled $22.06 billion, primarily on the strength of a good quarter in Bedding. Combined Furniture and Bedding increased 2.4% from the third quarter of 2013.
While Furniture (excluding Bedding) experienced an increase of 1.9% over 2013Q3, sales were essentially flat over the second quarter of 2014 – down by (-0.3%). Bedding sales were up 4.9% from 2013Q3 and rose significantly over last quarter – up 9.2%.
Wonder where the money is in the U.S.? This factoid compares the percentage breakdown between the number of counties and their total personal income. It looks at the distribution of personal income among the 3,141 counties by total county income range and categorizes the highest to lowest total personal income.
The highest income counties (over $50 billion in personal income) only number 46 (1% of total counties); however, they are responsible for one-third of the total U.S. personal income.
Top 10 Counties (over $50 Billion in personal income)
1. Los Angeles, CA –Los Angeles-Long Beach-Glendale Market
2. Cook, IL –Chicago-Joliet-Naperville Market
3. Harris, TX –Houston-Sugarland-Baytown Market
4. New York, NY –New York-White Plains-Wayne Market
5. Orange, CA –Santa Ana-Anaheim-Irvine Market
6. San Diego, CA –San Diego-Carlsbad-San Marcos Market
7. Maricopa, AZ –Phoenix-Mesa-Glendale Market
8. Santa Clara, CA –San Jose-Sunnyvale-Santa Clara Market
9. King, WA –Seattle-Bellevue-Everett Market
10. Dallas, TX –Dallas-Plano-Irving Market
Although the top two county income ranges, Over $50 Billion and $10 Billion to $50 Billion, are only 8% of total counties (238 counties), they make up 68% of total personal income . The middle range, $1 Billion to $10 Billion, contribute 27% to personal income and has the largest number of counties –39% and totaling 1,214.
Well over half the counties in the country (1,664) are responsible for just 5% of total personal income.
While the previous factoid profiled states by their median household incomes, this factoid digs deeper by profiling at the county level. Only 99 counties are in the highest range with households earning a median income over $75,000 –accounting for 3.2%.
While the second highest range includes the U.S. median of $53,046 at its start point, it goes up to $75,000 and makes up 17.4% of total counties.
The next two ranges combined, households earning between $30,000 and $53,046, account for 75% of the country and include 2,361 of the 3,161 counties, while households earning a median income under $30,000 made up only 4.3%.
Looking at the 5 counties with the highest median income, the top 3 are in Virginia and part of the Washington-Arlington-Alexandria market. With only 4,857 households, Falls Church City, VA has a median income of $122,884 –132% higher than the U.S. median of $53,046. Also with median incomes well over $100,000, Loudoun and Fairfax, VA have a greater number of households –a combined 492,647.
Both the fourth and fifth highest counties have a median income 100% greater than the U.S. median. Howard, MD is in the large Baltimore MSA market, while Los Alamos, NM is in a Micro SA market with only 7,498 households.
Looking at the profile of how individual states compare to the total U.S. median income of $53,046, only two, Maryland and New Jersey, have median incomes over $70,000. Also well over the U.S. median, the next range of $60,000 to $70,000, has nine states that account for 17.6% of the state count.
Together, the two median ranges $53,046 to $60,000 and $45,000 to $53,046 make up 30 states and account for 58.8%. The lowest range of states include median incomes under $45,000 and consists of 10 states or 19.6%.
The 5 states with the highest median household income are Maryland, New Jersey, Alaska, Connecticut, and Hawaii. With a median income of $72,999, Maryland is 38% higher than the U.S. median income of $53,046. Also in the top income range, New Jersey has a median income of $71,637 –above the U.S. median by 35%.
Both Alaska and Connecticut are 31% higher than the country’s median income with their own state median income’s above $69,000. Rounding out the top 5 states, Hawaii has a median income of $67,492 –27% greater than the U.S. median income.