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UK market view: Q4 2024

07 January 2025

Budget balances opportunity and risk for construction

Key takeaways

Mace raises its tender price forecast to 3.5% for 2025 and 2026

New orders fell by 22% in Q3 2024, impacting overall construction performance

The industry expects long-term growth despite current challenges and new government policies

UK market view: Q4 2024

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The near-term indicators reported in Q4 underline that the industry continues to face a tough operational environment. We have nudged our tender price forecasts upwards for 2025 and falls in new orders may cause concern, but our expectation has always been that government would look past quick wins towards sustainable, longer-term growth on the road to national renewal.

October 2024’s Budget has been met with a mixed response, but increases in capital spending promise growth in pipelines in the coming years. Further information due in the Spring on the major-projects programme being assembled will be hotly anticipated.

What is encouraging is the assertive position being taken by government towards enabling delivery and enhancing productivity. The plan to unleash the biggest building boom in 50 years is an ambition the industry needs to be ready to meet, which means being agile and embracing the opportunities to drive change and deliver at pace in 2025 and beyond.

Read our latest report for more.