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Dr Noble Francis, Economics Director at the Construction Products Association, said:
“The latest results highlight the strength of the UK economy in Q3, with private sector construction and manufacturing both benefitting. A rise in third quarter sales was reported by 78% of heavy side firms and 50% of light side firms compared with the previous quarter, and all firms reported a rise in sales compared with 12 months ago.
“Furthermore, as recovery in the construction industry has become more broad-based – across private housing, commercial and infrastructure sectors – growth in construction products has become more sustainable and manufacturers are optimistic going forward. Rising sales in the coming years are anticipated by 72% of heavyside product manufacturers and 90% of lightside product manufacturers.
“While product manufacturers reported growth in domestic sales, 27% of heavy side manufacturers suffered falls in export sales during Q3, and 40% of manufacturers reported that the key reason for this was the poor economic performance of the Eurozone, the key export destination for construction products. A further 20% of manufacturers reported that the appreciation of Sterling was a key factor in fall in export sales during Q3.”
Key points include:
- 78% of heavy side firms and 50% of light side firms reported that sales rose during the third quarter
- 72% of heavy side product manufacturers and 90% of light side product manufacturers reported that they anticipate sales rising over the coming year
- 61% of heavy side firms and 20% of light side firms reported that costs rose in Q3 compared with a year earlier
- 67% of heavy side firms and 50% of light side firms anticipate costs rising further over the next year
- 27% of heavy side manufacturers reported that exports fell in Q3
- 40% of manufacturers reported that the economic conditions of export destinations was the key factor affecting exports