Furniture World News Desk on
2/5/2025
MONTHLY RESULTS
New Orders
According to our latest survey of residential furniture manufacturers and
distributors, new orders were down 9% in November 2024 compared to November
2023, reverting to the negative trend seen in May – September 2024.
Approximately 40% of participants reported increases versus decreases in
November 2024 compared to a year ago. Year to date through November 2024, new
orders are now down 1% compared to 2023, not adjusted for inflation. However,
new orders were up 5% compared to the prior month of October 2024.
Shipments and Backlogs
November 2024 shipments were down 1% from November 2023, and flat with October
2024. Shipments in November 2024 were down for approximately 67% of the
participants compared to November 2023.
Year to date through November 2024, shipments remained down 7% compared to
2023.
November 2024 backlogs were down 10% compared to November 2023, but up 1% from
October 2024 as current new orders outpaced shipments during the last month.
Receivables and Inventories
Receivable levels were up 1% from October 2024, but down 4% from November
2023, both of which are materially in line with the respective shipment
trends, given normal timing differences with collections.
Inventories were consistent with October 2024 at up 1% and down 4% from
November 2023, which are in line with prior periods and current operational
levels.
Factory and Warehouse Employees and Payroll
The number of factory and warehouse employees remained down 5% from November a
year ago, but even with the prior month.
Payroll expense was down 1% in November 2024 compared to October 2024. Year to
date through November 2024, payroll expense is again down 3%, which is
materially consistent with the employee headcount and prior periods
NATIONAL
Consumer Confidence
The Conference Board Consumer Confidence Index® declined by 5.4 points in
January to 104.1 (1985=100). December’s reading was revised up by 4.8 points
to 109.5 but was still down 3.3 points from the previous month.
The Present Situation Index—based on consumers’ assessment of current business
and labor market conditions—fell sharply in January, dropping 9.7 points to
134.3.
The Expectations Index—based on consumers’ short-term outlook for income,
business, and labor market conditions—fell 2.6 points to 83.9, but remained
above the threshold of 80 that usually signals a recession ahead.
“Consumer confidence has been moving sideways in a relatively stable, narrow
range since 2022. January was no exception. The Index weakened for a second
straight month, but still remained in that range, even if in the lower part,”
said Dana M. Peterson, Chief Economist at The Conference Board. “All five
components of the Index deteriorated but consumers’ assessments of the present
situation experienced the largest decline. Notably, views of current labor
market conditions fell for the first time since September, while assessments
of business conditions weakened for the second month in a row. Meanwhile,
consumers were also less optimistic about future business conditions and, to a
lesser extent, income. The return of pessimism about future employment
prospects seen in December was confirmed in January.”
By age group, January’s fall in confidence was led by consumers under 55 years
old. Consumers aged 55+ saw a small uptick in confidence. By income group, the
sharpest decline in confidence was seen in households earning over $125K,
while consumers at the bottom of the income range reported the strongest
gains. The confidence gap between the top income groups and those making
between $75K and $100K narrowed.
Peterson added: “Nonetheless, there were positive notes in other aspects of
the survey. Consumers’ views of their Family’s Current Financial Situation
were more positive, and six-month expectations for family finances reached a
new series high. The proportion of consumers anticipating a recession over the
next 12 months was stable near the series low. (These measures are not
included in calculating the Consumer Confidence Index®.) Consumers also
remained bullish about the stock market, even if a bit less so than at the end
of 2024. Over half of consumers (52.9%) expected stock prices to increase over
the year ahead, compared to just 23.7% who expected stock prices to decline.”
The proportion of consumers anticipating a recession over the next 12 months
was stable near the series low. Meanwhile, consumers’ assessments of their
Family’s Financial Situation—both current and over the next six
months—weakened. (These measures are not included in calculating the Consumer
Confidence Index®.).
Average 12-month inflation expectations increased from 5.1% to 5.3% in
January, likely reflecting stickier inflation in recent months. Additionally,
references to inflation and prices continue to dominate write-in responses.
More than half (51.4%) of consumers now expect higher interest rates over the
next 12 months. The share expecting lower rates dropped from 28.5% last month
to 23.9% in January. This is consistent with recent signaling by the Fed that
the pace of interest rate cuts may slow in 2025, as well as ongoing increases
in mortgage rates.
On a six-month moving average basis, purchasing plans for homes and cars were
flat in January. More consumers planned to buy big-ticket items over the next
six months than not, but that share was down slightly. Consumer buying plans
were flat for most appliances and still down for electronics on a six-month
moving average basis. Separately, consumers continued to express intentions to
purchase additional services in the months ahead, especially dining out and
streaming. Vacation plans continued to trend downward at the start of 2025.
Present Situation
Consumers’ assessments of current business conditions deteriorated in January.
-
18.4% of consumers said business conditions were “good,” down from 21.0% in
December. - 15.4% said business conditions were “bad,” unchanged from December.
Consumers’ appraisals of the labor market plunged in January.
-
33.0% of consumers said jobs were “plentiful,” down from 37.1% in December. - 16.8% of consumers said jobs were “hard to get,” up from 14.9%.
Expectations Six Months Hence
Consumers were less optimistic about the outlook for business conditions in
January.
-
20.9% of consumers expected business conditions to improve, down from 22.7%
in December. - 18.7% expected business conditions to worsen, up from 17.3%.
Consumers’ assessments of the labor market outlook remained pessimistic.
-
19.4% of consumers expected more jobs to be available, down slightly from
19.8% in December. - 20.3% anticipated fewer jobs, unchanged from December.
Consumers’ assessments of their income prospects were less optimistic in
January.
-
18.3% of consumers expected their incomes to increase, down from 19.0% in
December. - 11.9% expected their incomes to decrease, down from 12.1%.
Assessment of Family Finances and Recession Risk
-
Consumers’ assessments of their Family’s Current Financial Situation
improved in January. -
Consumers’ assessments of their Family’s Expected Financial Situation
reached a new high. -
Perceived Likelihood of a US Recession over the Next 12 Months remained near
the series low.
Leading Economic Indicators
The Conference Board Leading Economic Index® (LEI) for the US inched down by
0.1% in December 2024 to 101.6 (2016=100), after an upwardly revised increase
of 0.4% in November. The LEI declined by 1.3% over the second half of 2024,
slightly less than its 1.7% decline over the first half of the last year.
“The Index fell slightly in December failing to sustain November’s increase,”
said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at
The Conference Board. “Low consumer confidence about future business
conditions, still relatively weak manufacturing orders, an increase in initial
claims for unemployment, and a decline in building permits contributed to the
decline. Still, half of the 10 components of the index contributed positively
in December. Moreover, the LEI’s six- month and twelve-month growth rates were
less negative, signaling fewer headwinds to US economic activity ahead.
Nonetheless, we expect growth momentum to remain strong to start the year and
US real GDP to expand by 2.3% in 2025.”
The Conference Board Coincident Economic Index® (CEI) for the US rose by 0.4%
in December 2024 to 114.1 (2016=100), following a 0.2% increase in November.
As a result, the CEI increased by 0.9% in the six-month period ending December
2024, slightly higher than its 0.7% growth over the previous six months. The
CEI’s four component indicators— payroll employment, personal income less
transfer payments, manufacturing and trade sales, and industrial
production—are included among the data used to determine recessions in the US.
They all improved in December, with the largest positive contribution coming
from industrial production, which contributed negatively in three out of the
past six months. This was followed by personal income less transfer payments,
payroll employment, and manufacturing and trade sales.
The Conference Board Lagging Economic Index® (LAG) for the US increased by
0.1% to 118.5 (2016=100) in December 2024, after an increase of 0.2% in
November. However, the LAG’s six-month growth rate remained negative at 0.5%
over the second half of 2024, a partial reversal from its 0.8% increase over
the first half of 2024.
Gross Domestic Product
Real gross domestic product (GDP) increased at an annual rate of 2.3% in the
fourth quarter of 2024 (October, November, and December), according to the
advance estimate released by the U.S. Bureau of Economic Analysis. In the
third quarter, real GDP increased 3.1%.
The increase in real GDP in the fourth quarter primarily reflected increases
in consumer spending and government spending that were partly offset by a
decrease in investment. Imports, which are a subtraction in the calculation of
GDP, decreased.
Compared to the third quarter, the deceleration in real GDP in the fourth
quarter primarily reflected downturns in investment and exports. Imports
turned down.
Real GDP increased 2.8% in 2024 (from the 2023 annual level to the 2024 annual
level), compared with an increase of 2.9% in 2023. The increase in real GDP in
2024 reflected increases in consumer spending, investment, government
spending, and exports. Imports increased.
The price index for gross domestic purchases increased 2.3% in 2024, compared
with an increase of 3.3% in 2023. The PCE price index increased 2.5%, compared
with an increase of 3.8%. Excluding food and energy prices, the PCE price
index increased 2.8%, compared with an increase of 4.1%.
HOUSING
Existing-Home Sales
Existing-home sales climbed in December, according to the National Association
of REALTORS®. Sales advanced in three major U.S. regions and slipped in the
Midwest. Year-over-year, sales accelerated in all four regions.
On an annual basis, existing-home sales (4.06 million) declined to the lowest
level since 1995, while the median price reached a record high of $407,500 in
2024
Total existing-home sales – completed transactions that include single-family
homes, townhomes, condominiums and co-ops – elevated 2.2% from November to a
seasonally adjusted annual rate of 4.24 million in December. Year-over-year,
sales swelled 9.3% (up from 3.88 million in December 2023).
“Home sales in the final months of the year showed solid recovery despite
elevated mortgage rates,” said NAR Chief Economist Lawrence Yun. “Home sales
during the winter are typically softer than the spring and summer, but
momentum is rising with sales climbing year-over-year for three straight
months. Consumers clearly understand the long-term benefits of homeownership.
Job and wage gains, along with increased inventory, are positively impacting
the market.”
Single-family home sales moved higher by 1.9% to a seasonally adjusted annual
rate of 3.83 million in December, up 10.1% from the prior year. The median
existing single-family home price was $409,300 in December, up 6.1% from
December 2023.
Existing condominium and co-op sales increased 5.1% in December to a
seasonally adjusted annual rate of 410,000 units, up 2.5% from one year ago
(400,000). The median existing condo price was $359,000 in December, up 4.5%
from the previous year ($343,500).
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.96% as of
January 23. That’s down from 7.04% one week ago but up from 6.69% one year
ago.
Total housing inventory registered at the end of December was 1.15 million
units, down 13.5% from November but up 16.2% from one year ago (990,000).
Unsold inventory sits at a 3.3-month supply at the current sales pace, down
from 3.8 months in November but up from 3.1 months in December 2023.
The median existing-home price for all housing types in December was $404,400,
up 6.0% from one year ago ($381,400). All four U.S. regions posted price
increases.
According to the monthly REALTORS® Confidence Index, properties typically
remained on the market for 35 days in December, up from 32 days in November
and 29 days in December 2023.
First-time buyers were responsible for 31% of sales in December, up from 30%
in November 2024 and 29% in December 2023. NAR’s 2024 Profile of Home Buyers
and Sellers – released November 2024 – found that the annual share of
first-time buyers was 24%, the lowest ever recorded.
Regional
In December, existing-home sales in the Northeast grew 3.9% from November to
an annual rate of 530,000, up 10.4% from December 2023. The median price in
the Northeast was $478,900, up 11.8% from last year.
In the Midwest, existing-home sales slid 1.0% in December to an annual rate of
990,000, up 6.5% from the prior year. The median price in the Midwest was
$298,600, up 9.0% from December 2023.
Existing-home sales in the South increased 3.2% from November to an annual
rate of 1.93 million in December, up 9.0% from one year before. The median
price in the South was $361,800, up 3.4% from one year earlier.
In the West, existing-home sales rose 2.6% in December to an annual rate of
790,000, up 12.9% from a year ago. The median price in the West was $614,500,
up 6.0% from December 2023.
New Residential Sales
Sales of new single-family houses in December 2024 were at a seasonally
adjusted annual rate of 698,000, according to estimates released jointly by
the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 3.6% above the revised November rate of 674,000 and is 6.7% above the
December 2023 estimate of 654,000.
An estimated 683,000 new homes were sold in 2024. This is 2.5% above the 2023
figure of 666,000.
The median sales price of new houses sold in December 2024 was $427,000
($403,000 in November 2024). The average sales price was $513,600 ($485,000 in
November 2024).
Compared to December 2023 on a seasonally-adjusted basis, sales were up 6.7%
overall with sales also up 0.5% in the South, 40.3% in the Midwest, 25.9% in
the Northeast, and 6.9% in the West.
Housing Starts
Privately-owned housing starts in December were at a seasonally adjusted
annual rate of 1,499,000. This is 15.8% above the revised November estimate of
1,294,000, but is 4.4% below the December 2023 rate of 1,568,000.
Single-family housing starts in December were at a rate of 1,050,000; this is
3.3% above the revised November figure of 1,016,000.
The December rate for units in buildings with five units or more was 418,000
(264,000 in November).
Single-family starts compared to December 2023, on a seasonally-adjusted
basis, were down 2.6% in total, as well as down 1.8% in the South and down
15.1% in the West, but up 8.5% in the Northeast and up 14.3% in the Midwest.
Housing Completions
Privately-owned housing completions in December were at a seasonally adjusted
annual rate of 1,544,000. This is 4.8% below the revised November estimate of
1,621,000 and is 0.8% below the December 2023 rate of 1,557,000.
Single-family housing completions in December were at a rate of 948,000; this
is 7.4% below the revised November rate of 1,024,000.
The December rate for units in buildings with five units or more was 570,000
(544,000 in November)
Single-family completions compared to December 2023, on a seasonally-adjusted
basis, were down 0.8% in total and also down 21.2% in the South, but up 28.0%
in the Midwest, 1.9% in the West, and 21.6% in the Northeast.
OTHER NATIONAL
Retail Sales
Advance estimates of U.S. retail and food services sales for December 2024,
adjusted for seasonal variation and holiday and trading-day differences, but
not for price changes, were $729.2 billion, an increase of 0.4% from the
previous month, and up 3.9% from December 2023. Total sales for the 12 months
of 2024 were up 3.0% from 2023. Total sales for the October 2024 through
December 2024 period were up 3.7% from the same period a year ago.
Retail trade sales were up 0.6% from November 2024, and up 4.2% from last
year. Motor vehicle and parts dealers were up 8.4% from last year, while
Nonstore retailers were up 6.0% from December 2023.
Sales at furniture and home furnishings stores were up 2.3% in December 2024
from November 2024 on a seasonally-adjusted basis, and up 8.4% from December
2023. However, sales were still down 2.2% for year to date December 2024
compared to the same period for 2023 on an unadjusted basis (were down 3.3%
YTD November 2024).
Consumer Prices
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% on a
seasonally adjusted basis in December, after rising 0.3% in November, the U.S.
Bureau of Labor Statistics reported. Over the last 12 months, the all-items
index increased 2.9% before seasonal adjustment.
The index for energy rose 2.6% in December, accounting for over forty percent
of the monthly all-items increase. The gasoline index increased 4.4% over the
month. The index for food also increased in December, rising 0.3% as both the
index for food at home and the index for food away from home increased 0.3%
each.
The index for all-items less food and energy rose 0.2% in December, after
increasing 0.3% in each of the previous 4 months. Indexes that increased in
December include shelter, airline fares, used cars and trucks, new vehicles,
motor vehicle insurance, and medical care. The indexes for personal care,
communication, and alcoholic beverages were among the few major indexes that
decreased over the month.
The all-items index rose 2.9% for the 12 months ending December, after rising
2.7% over the 12 months ending November. The all- items less food and energy
index rose 3.2% over the last 12 months. The energy index decreased 0.5% for
the 12 months ending December. The food index increased 2.5% over the last
year.
Employment
Total nonfarm payroll employment increased by 256,000 in December, and the
unemployment rate changed little at 4.1%, the U.S. Bureau of Labor Statistics
reported. Employment trended up in health care, government, and social
assistance. Retail trade added jobs in December, following a job loss in
November.
The unemployment rate changed little at 4.1% in December. After increasing
earlier in the year, the unemployment rate has been either 4.1% or 4.2% for
the past 7 months. The number of unemployed people, at 6.9 million, also
changed little in December
Durable Goods Orders and Factory Shipments
New orders for manufactured durable goods in November, down three of the last
four months, decreased $3.3 billion or 1.2% to $284.7 billion, down from the
previously published 1.1% decrease. This followed a 0.7% October increase.
Transportation equipment, also down three of the last four months, led the
decrease, $2.9 billion or 3.0% to $95.4 billion. New orders for manufactured
nondurable goods increased $1.2 billion or 0.4% to $301.4 billion.
Shipments of manufactured durable goods in November, down four consecutive
months, decreased $0.5 billion or 0.2% to $284.9 billion, down from the
previously published 0.1% decrease. This followed a 0.5% October decrease.
Transportation equipment, also down four consecutive months, drove the
decrease, $1.0 billion or 1.1% to $90.7 billion. Shipments of manufactured
nondurable goods, up two consecutive months, increased $1.2 billion or 0.4% to
$301.4 billion. This followed a 0.2% October increase. Chemical products, up
nine of the last ten months, led the increase, $0.7 billion or 0.9% to $82.5
billion.
On a seasonally-adjusted basis, shipments for furniture and related products
were up 0.3% compared to the prior month, while new orders were also up 0.4%.
On a non-adjusted basis, year to date shipments for furniture and related
products were up 0.8% compared to the prior year, while year to date new
orders were up 1.4%.
Executive Summary
New orders were down 9% in November 2024 compared to November 2023, reverting
to the negative trend seen in May – September 2024, after a reprieve in
October 2024. Year to date through November 2024, new orders are now down 1%
compared to 2023. However, new orders were up 5% compared to the prior month
of October 2024.
November 2024 shipments were down 1% from November 2023, and flat with October
2024.
November 2024 backlogs were down 10% compared to November 2023, but up 1% from
October 2024.
Receivable levels were up 1% from October 2024, but down 4% from November
2023, both of which are materially in line with the respective shipment
trends.
Inventories and employee/payroll levels are again materially in line with
recent months, but down from 2023, indicating that companies have aligned
levels to match current operations.
National
Consumer Confidence
The Conference Board Consumer Confidence Index® declined by 5.4 points in
January to 104.1 (1985=100). December’s reading was revised up by 4.8 points
to 109.5 but was still down 3.3 points from the previous month.
The Present Situation Index—based on consumers’ assessment of current business
and labor market conditions—fell sharply in January, dropping 9.7 points to
134.3.
The Expectations Index—based on consumers’ short-term outlook for income,
business, and labor market conditions—fell 2.6 points to 83.9, but remained
above the threshold of 80 that usually signals a recession ahead.
“Consumer confidence has been moving sideways in a relatively stable, narrow
range since 2022. January was no exception. The Index weakened for a second
straight month, but still remained in that range, even if in the lower part,”
said Dana M. Peterson, Chief Economist at The Conference Board. “All five
components of the Index deteriorated but consumers’ assessments of the present
situation experienced the largest decline. Notably, views of current labor
market conditions fell for the first time since September, while assessments
of business conditions weakened for the second month in a row. Meanwhile,
consumers were also less optimistic about future business conditions and, to a
lesser extent, income. The return of pessimism about future employment
prospects seen in December was confirmed in January.”
On a six-month moving average basis, purchasing plans for homes and cars were
flat in January. More consumers planned to buy big-ticket items over the next
six months than not, but that share was down slightly. Consumer buying plans
were flat for most appliances and still down for electronics on a six-month
moving average basis. Separately, consumers continued to express intentions to
purchase additional services in the months ahead, especially dining out and
streaming. Vacation plans continued to trend downward at the start of 2025.
Housing
Existing-home sales climbed in December, according to the National Association
of REALTORS®. Sales advanced in three major U.S. regions and slipped in the
Midwest. Year-over-year, sales accelerated in all four regions.
Total existing-home sales – completed transactions that include singlefamily
homes, townhomes, condominiums and co-ops – elevated 2.2% from November to a
seasonally adjusted annual rate of 4.24 million in December. Year-over-year,
sales swelled 9.3% (up from 3.88 million in December 2023).
Single-family home sales moved higher by 1.9% to a seasonally adjusted annual
rate of 3.83 million in December, up 10.1% from the prior year. The median
existing single-family home price was $409,300 in December, up 6.1% from
December 2023.
Existing condominium and co-op sales increased 5.1% in December to a
seasonally adjusted annual rate of 410,000 units, up 2.5% from one year ago
(400,000). The median existing condo price was $359,000 in December, up 4.5%
from the previous year ($343,500).
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.96% as of
January 23. That’s down from 7.04% one week ago but up from 6.69% one year
ago.
Sales of new single-family houses in December 2024 were at a seasonally
adjusted annual rate of 698,000, according to estimates released jointly by
the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 3.6% above the revised November rate of 674,000 and is 6.7% above the
December 2023 estimate of 654,000.
Compared to December 2023 on a seasonally-adjusted basis, sales were up 6.7%
overall with sales also up 0.5% in the South, 40.3% in the Midwest, 25.9% in
the Northeast, and 6.9% in the West.
Other
Real gross domestic product (GDP) increased at an annual rate of 2.3% in the
fourth quarter of 2024 (October, November, and December), according to the
advance estimate released by the U.S. Bureau of Economic Analysis. In the
third quarter, real GDP increased 3.1%. The increase in real GDP primarily
reflected increases in consumer spending, exports, nonresidential fixed
investment, and federal government spending. Imports increased.
Real GDP increased 2.8% in 2024 (from the 2023 annual level to the 2024 annual
level), compared with an increase of 2.9% in 2023. The increase in real GDP in
2024 reflected increases in consumer spending, investment, government
spending, and exports. Imports increased.
Sales at furniture and home furnishings stores were up 2.3% in December 2024
from November 2024 on a seasonally-adjusted basis, and up 8.4% from December
2023. However, sales were still down 2.2% for year to date December 2024
compared to the same period for 2023 on an unadjusted basis (were down 3.3%
YTD November 2024).
Thoughts
As of press time, the big news is obviously the recently announced tariffs on
Mexico (25%, though now delayed), Canada (25% with 10% carveout for energy,
but apparently subject to further discussion later today), and China
(additional 10%).
It’s difficult to know the extent of the impact the tariffs will have on the
furniture industry and overall economy if fully implemented. In addition to
the pure importers and those with hybrid operations, many companies that would
be considered “domestic” manufacturers still source certain fabric, frames,
and various components from foreign vendors.
While likely greatly oversimplifying a very complex situation, an additional
10% tariff on Chinese goods would seem manageable given the inflationary
pressures the industry has dealt with in the last few years, coupled with the
long product pipeline allowing time for companies to make necessary
adjustments.
What seems more immediately concerning is the potential impact of tariffs on
Canadian lumber utilized by the US housing industry as well as Canadian energy
and the impact that could have on inflation in general, and specifically,
consumer spending, interest rates, and ultimately housing activity that drives
the furniture industry.
This all follows a Vegas market which was largely reported to be positive, an
averted port strike last month, as well as recent gains in housing and
positive trends at retail.
What makes this situation so difficult are the unknowns, the volatility, and
the potential for change/reversals with or without notice, including the
potential for tariffs on other Asian countries such as Vietnam and the impact
of expected retaliatory tariffs on US exports.
Those in the industry are certainly smart enough and experienced enough to
navigate any playing field, but they just need to know the rules of the game
they’re playing. So, while these items are certainly disruptive in the
short-term, the industry has dealt with similar situations in the past and
we’re hopeful there are still enough things trending in the right direction so
that the positive outlook for 2025, especially the second half, will
materialize for those who have worked so hard to get to this point.
This Furniture Insights® newsletter report has been re-published with
the permission of Smith Leonard PLLC an independent member of the BDO
Seidman Alliance.
Firm Profile: Founded in 1930 by BDO Seidman, LLP, the High Point, North
Carolina practice was recently acquired by four individuals who have spent
the majority of their 100+ year careers building the existing practice.
Beginning January 1, 2007, Smith Leonard PLLC became an independent member
of the BDO Seidman Alliance. Partners are Ken Smith, Darlene Leonard, Jon
Glazman and Mark Bulmer. Among the firm’s 32 employees are 18 CPAs.
Service Area – Smith Leonard concentrates primarily in the Triad, but
also services companies with domestic locations throughout North Carolina,
Virginia, South Carolina and Texas.
Smith Leonard has an extensive network of international relationships that
helps service their clients’ needs throughout the world with locations
in Asia, Europe, South America, Mexico and Canada. These companies range in
revenue size of $2 million to $300 million.
Practice Concentration – The majority of the client base is composed
of manufacturing and distribution companies.
Many of its clients are either furniture manufacturers, distributors or
suppliers to the furniture industry. Smith Leonard also services companies
in retail, transportation, insurance, not-for-profit entities and employee
benefit plans. Smith Leonard offers a full range of accounting and
consulting services including audits, compilations, reviews, tax planning
and compliance. The partners and staff of Smith Leonard also assists clients
in mergers, acquisitions, business consulting, cash flow projections, and
tax outsourcing. Individual clients benefit from extensive experience in
family wealth services including estate tax planning.
The firm continues to produce monthly and annual statistics for the
furniture industry. For more information call (336) 883-018 or
e-Mail: ksmith@smithleonardcpas.com.
