Dublin, April 08, 2024 (GLOBE NEWSWIRE) -- The "The UK Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering.
Following an annual real growth of 2% in 2023, the publisher expects the UK construction industry to decline by 4% in 2024, owing to weaknesses in the residential construction sector, coupled with high construction material costs, rising insolvencies, cumbersome regulations and high interest rates.
According to the Office for National Statistics (ONS), the average construction material price index for the construction of new houses rose by 3% year on year (YoY) and repair and maintenance works of residential buildings grew by 2.9% YoY in 2023. According to the UK government's monthly insolvency statistics, the total number of construction firms filed for insolvencies rose by 5.1% in 2023, to reach 4,378 firms that year, compared with 4,165 in 2022.
By segments, it increased by 7.8% for the construction of buildings and 4.6% for specialized construction activities. Additionally, the government imposition of the Additional Land Mounting Material (ALMM) requirement in February 2024, to reduce the excessive usage of land for solar projects, further discourages the swift progression of solar ventures in the UK in the coming quarters.
Over the remainder of the forecast period, the construction industry is expected to recover and register an average annual growth rate of 3.7% from 2025 to 2028, supported by investments in renewable energy, industrial and infrastructure projects. In February 2024, the UK Parliament reported that 660 construction projects worth GBP775 billion ($990.2 billion) are in the National Infrastructure and Construction pipeline to be completed by 2033.
Of the total, the pipeline for the financial years 2026-27 to 2027-28 have a pipeline projects value worth GBP81.1 billion ($103.6 billion). This includes the construction of energy projects, transport infrastructure projects, water and sewage infrastructure projects as well as broadband telecommunication projects
Scope
- This report provides a comprehensive analysis of the construction industry in the UK. It provides -
- Historical (2019-2023) and forecast (2024-2028) 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
Reasons to Buy
- Identify and evaluate market opportunities using the publisher's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using the publisher's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
For more information about this report visit https://www.researchandmarkets.com/r/r26fv9
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