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Posted: 17.04.14

Good news for building products, as growth predicted for 2014

Good news for building products, as growth predicted for 2014

A major building products trade body has predicted significant growth this year, with more to follow during the next few years.

According to the Construction Products Association (CPA), increases across both private housebuilding and the commercial sector will contribute to an estimated 4.5% growth in 2014.

The prospects for new build, in particular, offers plenty of promise with rises of 18% this year and 10% in 2015.

The CPA attributes growth to increased confidence in the economy, following a strong performance in 2013.

“One year since the construction recovery began, activity is becoming firmly entrenched. We forecast 4.5% growth in 2014 and a further rise of 4.8% in 2015. The construction industry is now on track to grow 18% by 2017 and contribute an additional £20bn to the UK economy,” explains Dr Noble Francis, economics director of the CPA.

“We expect private housing starts to surge 18% in 2014 and 10% next year before falling to 5% in 2016 and 2017. The government’s Budget 2014 extension of the Help to Buy scheme, in addition to a strengthening UK economy, will lend the necessary confidence to housebuilders to boost supply,” he adds.