UK construction activity expected to decline in 2023

Posted on July 3, 2023   |  

In 2023, the value of new project starts is likely to drop by 18% due to the collapse of private housing work amid rising mortgage rates and shrinking household budgets. 

However, in 2024, a 12% recovery is expected, and a further 3% growth in 2023, but it will be inadequate to fill up the lost ground during the substandard year of 2023.