It has been an eventful year, and whilst a lot has happened, some things stay the same.
As 2024 began, the UK was emerging from a brief recession, contending with the highest interest rates in 16 years and battling consumer price inflation that exceeded twice the 2% target. Despite these challenges, our 4Q 2023 market survey respondents were cautiously optimistic.
A year on, improving economic conditions and gradually easing interest rates have fostered a more positive outlook. In our latest survey, just 16% of respondents anticipate fewer tender opportunities in 2025 than in 2024, while 38% forecast an increase.
Labour’s landslide victory in the UK general election has also shaped the industry’s outlook. Legislative promises like the Planning and Infrastructure Bill inspire a fresh approach, but longstanding issues — investor confidence, insolvencies and skills shortages — temper expectations.
Despite these obstacles, 2024 highlighted the sector’s resilience and adaptability. Success stories like the opening of the Midland Metropolitan University Hospital and the growing adoption of digital tools, including artificial intelligence, demonstrate the industry’s potential to innovate and thrive.
What other factors are influencing the industry? Find out in our report, which includes:
- Comprehensive results from our latest survey
- In-depth analysis of key industry data
- Expert regional and sector commentaries
- Discussions on hot topics such as the climate crisis, building safety, digital construction and the Trump presidency
- Updated UK-wide and regional inflation forecasts.
Cosy up, reflect on the year and plan for 2025 with our UK Construction Market Report 4Q 2024.
