According to the latest forecasts from the Construction Products Association, output is expected to rise by 2.0% in 2025, aided by falling interest rates and economic recovery, potentially easing challenges in housing and refurbishment sectors. Disruptions in the Red Sea pose risks of supply issues. 

Private housing output suffered due to higher mortgage rates, with demand falling by 25-35%. Private housing output is expected to decrease by 4.0% in 2024 but rise by 4.0% in 2025 with lower interest rates. Refurbishment spending declines due to the cost of living and consumer confidence. Infrastructure activity remains strong despite concerns over delays and uncertainties. Overall, construction faces challenges, with calls for government support in the housing and infrastructure sectors.

Read the original source