Key findings
1
Construction is a mirror of the economy
Construction output to remain subdued this year. Expected to return to growth in 2025.
2
Social infrastructure to drive recovery
Cross sector public sector projects, such as in health, education and infrastructure, are critical to the new government’s strategy for growth.
3
Significant latent pipeline of development
A period of stability, underpinned by falling inflation and the prospective lowering of interest rates should release a substantial latent pipeline of private investment.
4
Regulatory change will require new approaches
Recent and forthcoming regulatory change will have a sizeable impact on the way the industry operates, including on methods of working, responsibilities of parties and performance targets.
5
Innovation is key
Technology, systems and processes will need to evolve to support economic growth and improve productivity. These advances have the potential to solve the UK’s most pressing challenges– including the NHS, infrastructure development and increased energy insecurity.
Economic indicators
GDP
Source: ONS
2024 Q1
2023 Q4
Inflation (CPI)
Source: ONS
2024 Q2
2024 Q1
Materials and Commodities
Source: DBT
2024 Q2
2024 Q1
Labour costs
Source: BCIS labour Cost Index
2024 Q1
2023 Q4
Government borrowing
Source: ONS
2023 Q4
2023 Q3
