Construction buoyant despite Brexit fears and ONS stats, show BMF Statistics
There are few signs that Brexit has negatively impacted the construction industry according to the latest figures from the Builders Merchant Building Index (BMBI).
As shown by the BMF Statistics, timber and joinery products are among the best performing products, reporting a 11.8% sales increase.
Overall like-for-like sales (allowing for two extra trading days) were up 2.8%. Year to date sales grew 5.4%.
ONS statistics, released today, suggest construction output decreased by 1.5% in August. Whilst these are a different and broader measure of the construction sector, the contrast with BMBI figures, which relate to building materials, is startling.
BMF Managing Director, John Newcomb, commented: "We are surprised by the ONS figures as they do not reflect what we see happening in the building materials industry. We believe that the BMBI figures more accurately show the strength of the sector as they correlate to future output. Put simply, for a brick to be laid, it first has to be supplied and purchased."
“There is lots of speculation on the impact of Brexit on the economy as a whole and on construction, so we are very encouraged to see sales growth of over 13% in August, which shows that our industry is still strong and in robust health”.
Below you can find a summary table of BMBI statistics for August 2016 and year to date.