CPA Construction Industry Forecast (Autumn 2022)
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Construction output is forecast to rise by 2.0% in 2022 as activity currently continues at a high level but output is anticipated to fall by 3.9% in 2023 as a looming UK economic recession, falling real household incomes and rising interest rates, adversely affect demand for sectors such as private housing new build and repair, maintenance and improvements. This is occurring at a time when cost inflation is also hindering project viability in other areas of the industry such as commercial new towers and infrastructure.
- Construction output rises by 2.0% in 2022 but falls by 3.9% in 2023 before growth of 1.5% in 2024
- Industrial output to rise by 20.4% in 2022 and a further 3.1% in 2023 before falling by 1.5% in 2024
- Infrastructure output to increase 5.2% in 2022, 1.6% in 2023 and 2.6% in 2024
- Private housing output rises by 3.0% in 2022 before a 9.0% fall in 2023 and recovering by 1.0% in 2024
- Private housing repair, maintenance and improvement to fall by 4.0% in 2022 and 9.0% in 2023 before growth of 1.0% in 2024
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