The latest figures from the Plumbing & Heating Merchant Index (PHMI) report show total value sales for July 2024 through specialist plumbing and heating merchants were up +4.7% compared to July 2023. Volumes increased +10.9%. Prices dropped -5.6%.
Compared to June, July value sales jumped +11.1%. Volume sales increased +15.7% and prices fell -4.0%. With three more trading days in July, like-for-like sales were -3.4% lower.
Total value sales in the three months May to July 2024 were down -2.2% compared to the same period a year ago. There was a modest increase in volume sales (+3.4%) while prices fell -5.5%.
Mike Rigby, CEO of MRA Research, which produces the report said: “Plumbing and Heating Merchants seemed to be turning the corner in July and growing despite an uninspiring set of results from the construction industry – a -0.4% drop overall in output for the month with five out of nine sectors decreasing in volume according to the latest ONS data.
“The new Government has its work cut out to steer the economy back to growth and rebalance the public purse, but Labour’s promise to build 1.5 million new homes over the next five years has boosted confidence in the industry and its supply chains. But how long before there are spades in the ground to fulfil that pledge, assuming the Government implements its planning reforms quickly and the industry finds enough skilled people to build them, remains to be seen.”
