Quarterly Industry Forecast Reports from Oxford Economics have been updated on NFPA’s member hub. Some quick insights include:
- Oxford’s global GDP growth forecast for 2024 has increased 0.2 ppts to 2.6% since their last quarterly forecast update. Oxford expects steady recovery in growth and soft economic landing for the global economy.
- US Construction output is forecasted to experience the strongest growth globally at 5.1% in gross value-added terms in 2024. Residential building and non-residential buildings’ performance are driving up expected construction output in the US. Residential building on the other hand, is the weakest of the three sectors and is not expected to grow until 2025.
- Globally, the chemicals industry is expected to transition into a restocking period as signals suggest that destocking has run its course. For example, in the US, the ISM Inventories index dropped to 47.9, which reflects falling inventories. Restocking has yet to materialize, according to Oxford, but they are noting signals (.3 increase in the JP Morgan Global Manufacturing PMI in March) of the manufacturing sector beginning to expand. Overall, Oxford expects US’s manufacturing of chemicals to increase by 3.2% in 2024.
- Oxford predicts a swift recovery for global motor vehicle and parts production in Q2 2024, however, recoveries will vary at a regional value.
Oxford Economics produces quarterly forecast reports for 10+ industries. These reports highlight forecast drivers and constraints with upside and downside scenario outlooks. Industries covered include Construction, Motor Vehicles, Extraction, Electronics and Computers, and more. These reports additionally apply the industry forecasts to a handful of major market countries, such as Germany, United States, United Kingdom, China, Japan, and several others.
To access the latest industry forecasts, click https://nfpahub.com/stats/reports-data/global-market-reports-forecasts/industry-forecasts/, and go to “Global Industry Forecasts”.
For any questions, please contact Cecilia Bart at cbart@nfpa.com.
Like this post? Share it!
Recent Posts
Allison Forsythe Speaks About the Value of Participating in Standards Development
We’re excited to share a new onboarding video from Allison Forsythe, your Standards and Program Manager at the National Fluid Power Association (NFPA). In this video, Allison highlights the important work we’re doing in standards development and how you can get involved. At NFPA, we manage both domestic and international standards, including those through the…
Enhance Your 2025 NFPA Annual Conference Experience By Bringing a Guest
2025 NFPA Annual ConferenceFebruary 25-27, 2025Tucson, AZRegistration Now Open The 2025 NFPA Annual Conference is not just about professional growth—it’s an opportunity to connect with your peers, your industry, and even your loved ones. As always, we’re offering an inviting Spouse/Guest Program that encourages you to bring someone special along to share in this experience.…
NFPA Executive Leadership Program Dives into the Art of Negotiation
The NFPA Executive Leadership Program is an in-depth and interactive program that helps emerging leaders in the fluid power industry develop their network and advance their management and leadership skills through tailored content. Its sessions are presented in collaboration with the Kellogg School of Management at Northwestern University, with Kellogg faculty helping to curate interactions among…