Budget Jitters Impact Construction Forecasts
Industry forecasts have been revised downward, with total construction output now expected 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, a revision from previous forecasts of 4.0% and 7.0%.
- Infrastructure output is expected to rise, but at a slower rate than previously predicted.
- 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. In more affordable areas, site viability is a key issue due to additional costs imposed by the government.
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 jitters.
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