As 2023 draws to a close, the Builders Merchant Building Index (BMBI) undergoes a groundbreaking relaunch, extending its coverage to 92% of GB national sales—a significant increase from just over 80%.
Closing out the year with a transformative move, the Builders Merchant Building Index (BMBI) has undergone a substantial relaunch, expanding its reach to cover a remarkable 92% of GB national sales. Launched in 2015 as a brand of the Builders Merchants Federation (BMF), BMBI has evolved into a crucial market barometer, utilizing data from GfK’s innovative Builders Merchants Panel. This panel captures sales data from generalist builders’ merchants across Great Britain, providing insights into the activities of builders and tradespeople directly engaged in the upkeep, maintenance, and enhancement of the nation’s 27.7 million homes.
The recent integration of Huws Gray, JT Dove, and CMO Stores into the panel marks a pivotal moment, elevating BMBI to the forefront of market monitoring. With sales data now tracking 92% of builders’ merchant branches, BMBI stands as the most accurate and comprehensive tool for understanding market dynamics.
The monthly BMBI report, widely utilized by merchants, their larger customers, suppliers, and the construction sector, has garnered attention beyond the industry. Economists, advisors, national media, financial institutions, and government departments regularly turn to the BMBI report for insights into trends and driving forces in the complex and fragmented construction industry.
Notably, readership is expanding globally, with regular visits to the BMBI website from entities such as the US Senate, US State Department, individual senators, and the Bill & Melinda Gates Foundation. Emile van der Ryst, Key Account Manager – Trade & DIY at GfK, expresses the significance of the BMBI: “Since its inception in 2014, GfK’s Builders Merchants leaderpanel has become a key market barometer through its usage in the BMBI. It’s become a reference point for industry leaders, financial institutions, and government organizations.”
The latest relaunch, effective with the October 2023 dataset, introduces key contributors like Huws Gray for the first time, alongside market players CMO Stores and JT Dove. This strategic move enhances the relevance and importance of BMBI in providing a comprehensive view of the market, especially in challenging economic conditions.
Mike Rigby, Managing Director of MRA Research, the entity producing the BMBI report, emphasizes the significance of tracking over 90% of builders’ merchants’ sales: “Practically speaking, the numbers are the market itself, not an estimate or approximation of it. That’s a crucial distinction. It’s not like a survey or poll which takes a small slice of the market.”
BMF Chief Executive John Newcomb reinforces the importance of the October BMBI report, stating, “BMBI is as accurate a measure of the market as it’s possible to get. That’s one reason we call GfK’s Builders Merchants leaderpanel, ‘gold standard’ data.”
In conclusion, the October BMBI report signifies a significant stride in establishing reliable statistics across the construction sector, positioning BMBI as an indispensable tool for market analysis and decision-making.