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10 Oct 2023
Construction is facing a tricky period as we head into the final months of 2023. The overall economic picture continues to be gloomy, with high inflation and interest rates reducing consumer confidence.
The Construction Products Association (CPA) is predicting a 7% decline in construction output this year, with a slow recovery only beginning in the second half of 2024. This is a tale of two industries, since while heavyside manufacturers are anticipating a fall in sales, almost half of lightside manufacturers expect sales to increase next year.
Strong activity in commercial refurbishment, energy efficiency improvements and fit-out work has driven a three-year run of growth for lightside product manufacturers, which contrasts with reticence for new housing and commercial project starts.
This is supported by the latest CPA forecast, with crucial timber demand-driving sectors such as private housing and RMI predicted to decline by 19% and 11% respectively, before likely returning to growth in 2024.
While the short-term economic outlook may provide challenging for construction, the long-term future for timber remains bright.
The move towards more sustainable building materials continues and, as one of the most sustainable materials available, timber is perfectly placed to make the most of the industry’s renewed focus on efficiency and net zero.
The Timber in Construction Policy Roadmap is also expected to be released imminently. This government-backed document aims to help the industry overcome the barriers to building with timber and promote timber as a mainstream building material that can reduce embodied carbon within the built environment.
As a TDUK member you can have your say in the development of the timber industry, as well as making the most of the market statistics and resources we provide for all our members.
New technical updates and documents are being released all the time, all designed to help you sell more timber.
Learn more at www.timberdevelopment.uk