||GOVERNMENT CHANGES FLORAL INDUSTRY SIZE ESTIMATE ... AGAIN
On July 31, the U.S. Bureau of Economic Analysis (BEA) scaled back its valuation of the floriculture industry. For 2012, the BEA estimated product sales for our industry at $34.3 billion, but this year, the agency scaled back its valuation to $27.8 billion — a decrease of $6.5 billion (19 percent).
This is the second time in four years that the government has made a major change in its valuation of the floriculture industry. In 2009, the BEA raised its valuation of the industry by a whopping 75 percent, from about $20 billion to $35 billion — possibly because of the addition of bedding plants sales to the category.
For industry members who depend on the numbers, the fluctuating estimates can be confusing and frustrating, but these numbers are the only figures available, so the industry has no choice to depend on them.
Florists' Review Enterprises, Inc.