Oxford Industry Forecast Reports Updated for Q2 2024: Soft Landing in Sight

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.