CPA has published their Construction Industry Forecasts – Summer 2024. Total construction output is forecast to fall by 2.9% in 2024 before a recovery of 2.0% in 2025, which is slightly more negative than expected three months ago.

The recent downgrade in the forecasts is primarily due to recovery in the two largest construction sectors – private housing new build and repair as well as maintenance and improvement (rm&i) – being pushed back.

This is in response to a slowdown in demand and sentiment in the broader housing market since Easter following the uptick in mortgage rates. Despite this, the forecasts for the other key construction sectors remain similar to three months ago, with many firms operating in industrial, commercial refurbishment and fit-out or working on major infrastructure projects that continue to experience robust activity.

TTA members can access the document free of charge, which has a value of £250, as part of their TTA membership benefits. The document is available to view in the Members’ Area of TTA’s website.