Budget Jitters Impact Construction Forecasts
The construction industry is preparing for unfavorable news from Rachel Reeves, as total construction output is now forecast to grow by only 1.1% in 2025 and 2.8% in 2026.
- Previous predictions were 1.9% in 2025 and 3.7% in 2026.
- Activity has slowed since Spring, particularly in private housing, infrastructure roads, and commercial new build offices.
In private housing, output is forecast to rise by 2.0% in 2025 and 4.0% in 2026, a revision down from the previous forecast of 4.0% in 2025 and 7.0% in 2026.
Demand and affordability remain the biggest challenges in areas of the country where house prices are higher.
Author's summary: Construction forecasts plummet due to budget concerns.
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