CPA Construction Industry Forecast 2023-2024 (Winter 2022/23)

Construction industry forecast
Construction industry forecast

CPA Construction Industry Forecast 2023-2024 (Winter 2022/23)

Date Published

30 January 2023

Category

Author

TDUK
Construction industry forecast

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Summary

Construction output is forecast to fall by 4.7% in 2023, although notably from a historic high after two years of growth that raised activity to levels higher than prepandemic. The industry is not immune to the effects of a wider UK economic recession, falling real household incomes and rising interest rates. As a result, the largest falls in construction activity are expected to be in sectors most reliant on households such as private housing new build and repair, maintenance and improvement, which are expected to offset continued growth in infrastructure and industrial.

 

Key Information
  • Construction output falls by 4.7% in 2023 before growth of 0.6% in 2024
  • Industrial output to rise by 2.3% in 2023 before falling by 4.6% in 2024
  • Infrastructure output to increase 2.4% in 2023 and 2.5% in 2024
  • Private housing output falls by 11.0% in 2023 and by 1.0% in 2024
  • Private housing repair, maintenance and improvement to fall by 9.0% in 2023 before growth of 1.0% in 2024