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Wholesale Trade and Retail Sales: Construction Materials March 2024

Wholesale trade sales of construction materials came under pressure during the 1^st quarter of 2024, coming off a higher base in 2022 and 2023, as nominal sales fell by 4 percent y-y, following an 8 percent increase in the last quarter of 2023. Sales in March 2024 recorded a steep 17 percent y-y decline, and while it wasn’t the worst performing sector, it was within the top 5.  By comparison, retail trade sales fell by a nominal 1.4 percent y-y in the 1^st quarter, after showing no change in the last quarter of 2023. Retail sales continued to decline and fell by 4 percent in March 2024, as consumers spending remain under pressure affecting consumers purchasers related to the DIY market.  Based on these and other indicators, for example the construction labour force data, we can expect a more depressed 1st quarter in terms of turnover and investment for the construction sector, as private sector demand continues to decline amidst unfavourable financial conditions, despite a moderate recovery in economic infrastructure expenditure by the public sector.

 

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