Specification Product Update

Issue 2 2022

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Welcome l 3 www.specifi cationproductupdate.com To make an enquiry - Go online: www.enquire2.com or post our: Free Reader Enquiry Card PUBLISHING DIRECTOR Martyn Smith - martyn@tspmedia.co.uk SALES DEVELOPMENT MANAGER Katie Heath - katie@tspmedia.co.uk DESIGN & ARTWORK Kat Jones - kat@tspmedia.co.uk PRODUCTION copy@tspmedia.co.uk CIRCULATION circulation@tspmedia.co.uk Grosvenor House, Central Park, Telford, Shropshire TF2 9TW www.specificationonline.co.uk Tel: 01952 234000 Welcome Construction activity buoyant, but strong headwinds coming In its latest quarterly forecast, the Construction Products Association (CPA) sees a dramatic slowing in growth, with uncertainty ahead as global issues start to a ect the UK market. In previous years, the predicted 2.8% growth in construction output anticipated by the CPA team would be cause for celebration. However, while a robust fi gure, this is a sharp revision down from the 4.3% growth forecast just three months ago. Demand remains strong across the industry in Q2, and the current project pipeline suggests that this will support activity levels until at least 2022 Q3. The downward revision to the growth forecast stems from concern around a host of price pressures arising from both local and global issues. Prior to the confl ict in Ukraine, UK construction was already facing labour and product availability issues and the impact of reverse charge VAT and IR35. Rising energy costs were driving near-record price increases in construction products and the continued confl ict is exacerbating this issue. The impact of these pressures, and of more general rising costs, on demand will vary considerably by sector. Across the board the picture is one of positive market conditions in the short term with anticipation of tougher times ahead. Noble Francis, CPA Economics Director, o ered this summary of the latest fi gures: "The major challenge is creeping uncertainty. The immediate picture is one of resilient demand and healthy pipelines. Longer term, the current infl ationary pressures, if sustained, will have an increasingly depressing impact, while the continuation, or potential escalation, of confl ict in Europe presents an existential risk. "Specialist sub-contractors are feeling the e ects fi rst, particularly those working to fi xed-price contracts. For future projects, contractors will be forced to re-price, add fl uctuation clauses and introduce risk sharing arrangement to deal with the uncertainty over potential cost infl ation." Paul Groves // Group Editor 14 16 18 19 6 Product Highlights 17 Safety, Security & Fire Protection Doors, Windows & Entrance Systems Kitchens, Bathrooms & Interiors Floors, Walls & Ceilings Roofi ng, External Walls & Insulation

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