Budget Jitters Impact Construction Forecasts
Construction output is now forecast to grow by 1.1% in 2025 and 2.8% in 2026, down from previous predictions of 1.9% and 3.7% respectively.
- Private housing output is forecast to rise by 2.0% in 2025 and 4.0% in 2026, revised down from 4.0% and 7.0% in previous forecasts.
- Infrastructure output is expected to rise, but at a slower rate due to decreased demand.
- Commercial new build offices have also seen a slowdown in activity.
House builders cite demand and affordability as major challenges, particularly in areas with high house prices.
Site viability is a key problem in areas with affordable house prices due to additional costs added by the government.
Author's summary: Construction forecasts decline due to budget concerns.
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