CCG says it has been able to launch the recruitment drive as the construction sector continues to show signs of recovery.
Six of the jobs were created under the Glasgow Veterans' Employment Programme aimed at helping ex-members of the Armed Forces into work.
The new recruits will join the firm's 600 strong workforce to create a second shift working through the night.
The veterans scheme was launched by city council leader Gordon Matheson who visited the CCG off-site manufacturing depot.
The £10million plant can produce more than 3000 units a year and can deliver panels which include insulation, internal wall linings, windows, doors and external claddings.
CCG used the plant to construct 237 sustainable homes at the Commonwealth Games Athletes' Village with a typical terrace of eight environmentally efficient townhouses being constructed in just 10 days.
CCG chairman and chief executive Alastair Wylie said: "This investment and the recruitment of 40 new staff will enable us to operate a second shift and ramp up our production as the sector strengthens."
Mr Matheson said: "CCG is playing an important role in the continued physical and social regeneration of Glasgow through their commitment to projects such as our Glasgow Veterans Employment Programme.
"They recognise it is not just about building homes but also about creating jobs.
"I am delighted they have provided 40 new jobs - including six for forces veterans - who will now get to work building new homes in their state-of-the-art construction facility.
"My administration has committed to delivering 3500 new affordable homes across the city by 2017 and we are already halfway towards delivering on that promise."
Alexander Dunn is an Armed Forces veteran, who joined CCG in March having been unemployed since December 2012, when his own business closed as a result of the economic downturn.
He said: "The job with CCG has really got my like back on track."