Wienerberger Comment: Q1 2023
So the first few months of 2023 haven’t been easy for the construction sector. But, as we saw from the expert comments to wrap up 2022 we had been expecting it to be tougher.
Twenty twenty-two saw an unprecedented amount of demand for construction materials, so compared to that, the beginning of 2023 was bound to seem a bit slower. However, I like to look on the bright side. Construction work has been more active than we thought it would be, and people’s overall confidence in the economy hasn’t gone down as much as expected.
The Office for National Statistics indicated we’re not headed for a recession this year after all, with growth predicted to be at +0.2%, which is much better than the prediction from the Winter Forecast in January that was a contraction of -0.7%. The improved outlook is thanks to inflation going down, interest rates getting better for people taking out five-year fixed-rate mortgages, and new homes being reserved and sold more than they were in Q4 of 2022.
It’s also been great to see a real shift towards focusing on Net-Zero from many in our industry as we start this year. Our company has been working towards a more sustainable construction landscape for a while, but I’m starting to see more and more customers asking for products, services and solutions that are environmentally friendly.
As manufacturers, we’ll keep finding the best solutions that meet our sustainability goals, but we’ll also make sure we’re still offering the best products and solutions for our trade customers. One standout we’ve done recently is to start offering energy solutions for our customers and launching our Sandtoft in-roof solar PV products. We’re continuing to shift from being a leading brick manufacturer and becoming a true whole-house construction solution provider.