Construction sector to grow 18% by 2017

The CPA predicts significant growth in the construction industry in just a few short years. What does your business need to cope?

22nd April 2014

Construction set to growThe latest forecast from the Construction Products Association predicts that activity in the construction sector will grow 18% by 2017, thanks to a sudden increase in private housebuilding and the growth in various commercial sectors. While it is no secret that the construction industry has been recovering far better than others, the latest revised CPA figures suggest that growth is occurring even more quickly than previously predicted.

The forecast suggests that the private housing sector will rise by 18% in 2014, thanks to various government schemes including the extension of Help to Buy, and the confidence of the general public recovering alongside the economy. If the CPA forecast is accurate and things continue to progress at the predicted rate, the construction industry will grow 18% by 2017 and contribute an additional £20bn to the UK economy.

The adjusted CPA figures reveal that construction industry growth will occur at a far quicker rate than anticipated in 2014, although growth rates will slow over the following three years. The overriding trend is for comparatively rapid expansion, however, and construction industry retailers can look forward to a buoyant sector come 2017.

Repair, maintenance and improvement sub-sectors have all benefited from the recovery in the housing market, but builders’ merchants and suppliers are set to benefit the most as the cost of materials continues to rise. If you’re in the construction retail sector and are looking forward to an increase in business, you will need to ensure you have the support to be able to cope with growth. Integrity Trader can provide you with intelligent point-of-sale software that will enable you to better monitor and manage your sales. To find out more about how your business can benefit, explore our website or get in touch with the team today.
 

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