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UK construction costs to increase by 3.8% in 2024
Posted on March 4, 2024 |
The construction costs in the UK will rise by 3-3.8% this year, following a 4.1% increase in 2023.
Construction firms will face challenges managing these cost increases, requiring them to develop new methods and skills to control expenses and meet project deadlines.
The rise in costs could impact key initiatives such as the National Infrastructure and Construction Pipeline (NICP), potentially increasing delivery costs by approximately £1.56 billion for projects scheduled in 2024.
Inflation remains a significant challenge for the construction industry, driving up costs across various markets.