United Kingdom Construction Market Trend Analysis and Forecast 2023-2027 - Average Construction Material Price Index Rose by 5.3% YoY in H1 2023

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Dec 07, 2023, 18:00 ET

DUBLIN, Dec. 7, 2023 /PRNewswire/ -- The "United Kingdom (UK) Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027" report has been added to ResearchAndMarkets.com's offering.

The construction industry in the UK is forecast to shrink by 1.2% in real terms in 2023 and 0.7% in 2024, owing to subdued investor and consumer confidence amid falling construction orders, rising interest rates, elevated construction material prices, falling construction employment, and slowing housing market. According to the Office for National Statistics (ONS), the average construction material price index rose by 5.3% year-on-year (YoY) in H1 2023, owing to the rising cost of new housing (6.4%), other new works (5.1%), and repair and maintenance (3.9%). The current headwinds are also leading to an increase in the number of insolvencies in the UK's construction industry.

The UK's construction industry is expected to regain growth momentum from 2025, supported by investments in transport, renewable energy, housing, industrial and telecommunications infrastructure projects. The government aims to generate 95% of the country's electricity from low-carbon sources by 2030, and fully decarbonising the grid by 2035. It also aims to reduce greenhouse gas emissions by 100%, compared to 1990 levels, by 2050. In early September 2023, the UK government awarded a funding of GBP227 million ($280.4 million) to support 95 clean energy projects, such as tidal, solar, and onshore wind.

The report provides detailed market analysis, information and insights into the UK's construction industry, including:

The UK's construction industry's growth prospects by market, project type and construction activity
Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the UK's construction industry
Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

This report provides a comprehensive analysis of the construction industry in the UK. It provides:

Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in the UK, featuring details of key growth drivers.
Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
Listings of major projects, in addition to details of leading contractors and consultants

For more information about this report visit https://www.researchandmarkets.com/r/fbpy49

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SOURCE Research and Markets