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Mixed Performance for Construction Product Manufacturing Heading into 2023

The Construction Products Association’s latest State of Trade Survey for 2022 Q4 revealed a quarter of mixed fortunes for the construction product manufacturing industry. Performance was split between a decline in sales for heavy-side producers and continued growth for manufacturers on the light side. Furthermore, manufacturers expect these dynamics to persist in 2023, with new build starts affected by economic uncertainty but refurbishment and activity for energy-efficient retrofit continuing apace.

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CPA Forecasts Recession in Construction for 2023

The construction industry is expected to endure a recession this year after two strong years for the industry. According to the Construction Products Association’s Winter Forecasts, construction output is expected to fall by 4.7% in 2023 before recovering slowly in 2024 with growth of just 0.6%.

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CPA Response to the Chancellors Autumn Statement 2022

Chancellor Jeremy Hunt highlighted “stability, growth and public services” as the three main priorities of his Autumn Statement 2022. For construction product manufacturers, as well as the wider construction industry, the announcements made under the ‘growth’ priority will perhaps be most pertinent.

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CPA Autumn Forecast 2022

Construction output is forecast to fall by 3.9% in 2023 following a rise of 2.0% in 2022, as activity currently continues at a high level. The fall for 2023 is a sharp downward revision from -0.4% in the Lower Scenario of the CPA’s Summer Forecasts. This is mainly due to the impact of a wider economic recession, exacerbated by the effect of the ‘Mini Budget’, and the consequent fallout from recent political uncertainty.

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