Pictured: OFP Timber Frame 2024 Project – Manston Gardens, Ramsgate
A Much Anticipated Slower Start to 2024
The entire construction industry saw a slower start to 2024 due to poor weather conditions and overall industry uncertainty following a decrease in output at the end of 2023. According to the Office of National Statistics, the quarterly construction output is estimated to have decreased 0.9% in volume in Quarter 1 (Jan to Mar) 2024. This follows the same level of fall (0.9%) in Quarter 4 (Oct to Dec) 2023. However, the outlook of the construction industry in the second quarter began to look up and was much more positive.
In line with this, at OFP, we saw a positive increase in output in the second quarter, bringing the first half of 2024 to a close with some very positive results. This has left us feeling very hopeful as we head into the second half of 2024. In this article, we will look back at the first half of the year and share our predictions for the outlook of the construction industry for the remaining months of 2024.
Construction Industry Q2 2024
According to the Office of National Statistics, it was very positive to see that the rest of the construction industry in the UK saw a similar increase in output to us.
Monthly construction output is estimated to have grown by 1.9% in volume terms in May 2024, following a fall of 1.1% in April 2024.
Office of National Statistics
Following that, we can see signs of this continuing into Q3 and Q4, and we are confident that when 2024 comes to a close in a few months, we will have had a very positive year.
Here are some of the exciting projects that we worked on in Q2 2024:
- Retirement Community in Sonning Common, South Oxfordshire.
- A new development in the village of Houghton Conquest comprised of 9 private detached homes.
- A new development of 5 plots which was located in Biggin Hill.
- We had ongoing work for the large projects in Cranleigh, which comprised 118 units.
- We were appointed to an exciting luxury development project in the South of England.
- A beautiful development of 44 homes in Eastergate.
- We did ongoing work for another large project in Ramsgate made up of 88 1, 2, 3 and 4-bedroom homes.
And so many more.
2024 – The Half-Way Point
We are so proud of what we have achieved in the first half of 2024. Not only are we pleased to have been part of so many wonderful, sustainable projects, but we have also seen a high volume of output from our purpose-built timber frame factory.
By the end of July 2024, we had built 320 houses, designed and manufactured 16,000 panels, 5,700 trusses, 6,500 posi-joists, 500 cassettes, and so much more. The whole OFP team is incredibly proud of our accomplishments.
Looking at our business successes from the first half of 2024, we saw three OFP employees celebrate their 5-year employment anniversaries as well as many efforts to support our local communities including sponsorships, welcoming Royal Engineers to our factory, supporting with the delivery of T-Levels alongside EKC Broadstairs and more. Read more about our efforts within the community in 2024.
The outlook for the rest of 2024
The latest figures from the Glenigans Construction Industry report for 2024 – 2025 show that the private housing sector is forecasted to grow by 4% in 2024 and 11% in 2025. It is extremely reassuring to see the private housing sector’s progressive recovery this year and very encouraging that it is forecasted to more than double in 2025. This forecast indicates that a strong second half of 2024 is coming and will continue into 2025.
At OFP, we are certainly seeing this forecast come to fruition as we have a number of really exciting projects coming up that we cannot wait to share. We are confident that the uplift we have seen in Q2 will continue for the rest of Q3 and into Q4 of 2024.
“We’re excited going into the latter part of the year seeing the factory and sites bustling with such energy and drive. Building sustainably using the best materials, making a quality product, and bringing green, sensible, buildable solutions to every site is what we’re about. Our existing clients love what we do, and we’d invite anyone who’s interested or unsure about timber frame to come and visit us, see the factory, and join us on the journey to a cost-effective, modern and responsible way of building.”
Alastair Narraway – Owner OFP Timber Frame
Are you seeing an increase in your projects? If so, get in touch with us to discuss how Timber Frame can help deliver your project on time, within budget, and with accuracy and precision that is no match for traditional construction.
Contact
T: 01304 613298