Data from the Bureau of Labor Statistics supports the growing need facing companies to attract and retain employees, while adapting their training methods and introducing technology that fills the gap of a smaller workforce.
The U.S. exports $1 in furniture products for every $10 in imported furniture. After rising over 45 percent from the recession (2009) to $3.4 billion in 2015, U.S. exports of household furniture have decreased by 7 percent in 2 years to $3.15 billion in 2017, according to data from the U.S. Census Bureau.
In recent years, growing wages, higher employment, a boost in consumer confidence and a healthy housing market have propelled import growth. The U.S. Census Bureau gives a breakdown of the major furniture imports by material type.
Historically, wood products are the largest material category among furniture imports, but the share of upholstery and metal furniture imports is increasing yearly, according to data from the U.S. Census Bureau.
Despite profits declining 2.3%, retailer Williams-Sonoma (NYSE: WSM) said revenues jumped 6.1% to $1.28 billion in the second fiscal quarter. Overall, strong results from the first half of 2018 has caused the company to raise its full-year guidance.
Out of over 200 countries exporting furniture into the U.S., over 90 percent of U.S. imports is from just 9 of those countries. China tops the list with an import value of $18 billion in 2017, followed by Vietnam at $4 billion.
Target Corp. (NYSE: TGT) has hired John Bauer as senior vp of global inventory management to lead the teams responsible for ordering, inventory positioning, global trade and domestic transportation.