INDUSTRY REPORT for transformers and electrical equipment which recorded readings of 80.0 and 77.3 respectively .
UK construction market
The Construction Products Association ’ s latest ‘ State of Trade Survey for 2023 Q4 ’ ( released in February this year ) showed that manufacturers in the UK ended last year with a further fall in construction product sales on both the heavy and light sides ; the sixth consecutive quarter of decline for heavy-side manufacturers and the second fall for those on the light side . Manufacturers anticipated that sales would decline over the next 12 months , citing a
Hexagon East building . clear concern over the weak demand expected in 2024 .
“ Looking to the next twelve months , demand was cited by 71 % of heavy-side manufacturers and 80 % of light-side manufacturers as the factor most likely to constrain growth during 2024 . Consequently , 11 % of heavy-side manufacturers and 15 % of light-side manufacturers anticipated a fall in sales over this year . The backdrop for costs was shown to be more favourable , however , with manufacturers reporting a continued easing in cost inflation . Price pressures were lower for raw materials , fuel and energy , which had all been major contributors to inflation over the last couple of years . Nevertheless , manufacturers reported continued upward pressure from wages and salaries ,” outlined the association .
Rebecca Larkin , CPA Head of Construction Research , explained :
“ Manufacturers had a challenging end to 2023 and there appears little to rally expectations for growth this year . Falls in new construction orders since the end of 2022 have now begun to filter through into lower construction activity particularly in housing , commercial offices and warehouses and factories in the industrial sector .
“ With flatlining GDP growth , a step-change in interest rates and build costs , and emerging risks around delays and cost rises related to the Red Sea shipping disruptions , it should come as no surprise that demand was flagged as the key concern for construction product manufacturing activity in 2024 ,” she concluded . n
Image : Liebherr .
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ISMR May 2024 | ismr . net | 29