Figures released by the Builders Merchants Federation (BMF) in the Plumbing and Heating Merchants Index (PHMI) for the final quarter of 2024 continue to suggest a slowdown in construction, with total value sales growth driven by higher prices rather than an increase in sales volume.
Quarter 4 2023 v Quarter 4 2022
Total value sales in Q3 2023 were 0.4% higher compared with the same period last year, according to the data. Volume sales were down 5.0%, while prices rose by 5.6%. With one more trading day in Q4 2023, like-for-like sales were 1.3% lower.
Quarter 4 2023 v Quarter 3 2023
Total value sales in Q4 2023 were 7.7% higher than in the previous three months, July to September 2023. With four less trading days in Q4, like-for-like sales were 14.8% higher. However, this increase was driven solely by price, which was up +10.1%, while volume sales were 2.2% lower.
Full year 2023 v 2022
Plumbing and Heating Merchants value sales in the period from January 2023 to December 2023 increased by 4.5% compared with the same period in 2022. With two more trading days in 2024, like-for-like value sales were 3.6% higher for the year. Once again this was driven by price. Volume sales were 2.4% lower, while prices increased by 7.1%.