Construction Industry Forecast Predicts Rising Costs

The construction industry is forecasted to see a 15% increase in building costs and a 19% rise in tender prices over the next five years, with a 5.5% output decline expected in 2024 due to reduced activity in housing, private commercial, and industrial sectors. On the other hand, growth is anticipated to return in 2025. VisionAI is being employed by LookDeep Health to aid healthcare professionals in patient care. The circular economy approach is gaining traction in the construction sector, aiming to reduce waste generation and enhance sustainability. Technology, including drones, AI, and cloud-based platforms, is revolutionizing the construction industry, boosting efficiency, safety, and sustainability. Labour's landslide victory in the government election has implications for the construction sector, with a focus on achieving ambitious housing targets and the need for stable, long-term policies to drive growth.