{
  "query": "UK construction cost trends 2024-2026 steel industry benchmarks NEC contract cost growth",
  "raw_results": [
    {
      "url": "https://finance.yahoo.com/sectors/energy/articles/united-kingdom-steel-industry-report-090900606.html",
      "title": "United Kingdom Steel Industry Report 2026 | Now Available",
      "content": "-1.94%\n NUE\n\n  -2.50%\n\nCompany Logo\n\nCompany Logo\n\n \n\nThe UK steel market is set to rise from US$ 57.91 billion in 2025 to US$ 82.49 billion by 2034, growing at a CAGR of 4.01%. This growth is fueled by ongoing infrastructural modernization, rising electric vehicle production, and the increasing use of high-strength, sustainable steel across various industries. Key sectors include building and construction, automotive, and renewable energy, with London, Manchester, and Liverpool being major regional hubs. The market faces challenges from high energy costs and competitive pressures but remains vital for a sustainable future. Notable companies include ArcelorMittal, Tata Steel, and Nucor Corporation.\n\nUnited Kingdom Steel Market\n\nUnited Kingdom Steel Market [...] United Kingdom Steel Market · GlobeNewswire Inc.\n\n \n\nDublin, April 29, 2026 (GLOBE NEWSWIRE) -- The \"United Kingdom Steel Market Report by Type, Product, Application, Cities and Companies Analysis 2026-2034\" report has been added to  ResearchAndMarkets.com's offering.  \n  \nThe UK steel market is anticipated to surge from US$ 57.91 Billion in 2025 to US$ 82.49 Billion in 2034, driven by continuous demand from building and construction, infrastructure, automotive, and renewable energy industries. The market is expected to grow at a CAGR of 4.01% from 2026-2034, due to ongoing infrastructural modernization, electric vehicle production growth, and the increasing application of high strength and sustainable steel grades in various industrial uses. [...] Within the United Kingdom, steel has long been a backbone in industrial development and remains strategically important to this very day. The construction sector in the UK is very dependent on structural and reinforcing steel in various building works, bridges, and infrastructure projects. Other key sectors that rely on high-quality steel grades include automotive manufacturing, aerospace, shipbuilding, and railways.\n\nThe growth in renewable energy-mainly wind farms and transmission infrastructure-also contributes to higher demand. Furthermore, efforts within the UK toward net-zero targets spur on innovative production methods for low-carbon and recycled steel.  \n  \nGrowth Drivers in the United Kingdom Steel Market",
      "score": 0.81665546,
      "raw_content": null
    },
    {
      "url": "https://www.tmhcc.com/en/news-and-articles/thought-leadership/uk-construction-sector-report-december-2025",
      "title": "UK Construction Sector Report December 2025 - Tokio Marine HCC",
      "content": "Meanwhile, data from the ONS shows that new order inflow has started to pick up, pointing towards increased building activity in 202615. “All new work” expanded by almost 30% y/y in Q3 2025, the fastest rate of expansion since late 2021. “Private commercial” (up by 48.6% y/y) and “private industrial” (+100.8% y/y) saw even more rapid new order inflow but data tends to be volatile so it is too early to be overly optimistic. Positively, after a period of contraction between Q2 2022 and Q3 2024 (when new order inflow was negative in y/y terms in seven out of nine quarters), new orders have been rising in three out of the past four quarters now.\n\nSeasonally Adjusted New Orders for Construction ( y/y change in volume terms)\n\nSource: ONS [...] Source: ONS\n\nA closer look at the 2025-data shows that things have changed and that new work has become the growth driver. Since the start of the year, repair and maintenance growth (measured in seasonally adjusted moving three-month averages) has remained in a 0.0% to 1.3% y/y corridor, far below the corresponding new work readings (which stood between 1.3% and 3.5% in January to September 2025). On balance, output growth in the construction sector had picked up in spring, reaching 2.2% y/y in the three months to April 2025, the best reading since February 2023. However, since then, performance has slowed down and sectoral output growth moderated again, dropping to 1.5% y/y in the July-September period. [...] However, UK construction continues to display an above-average insolvency risk. While the sector accounts for around 6%-7% of gross value added in the country, it is responsible for almost 17% of all insolvencies (4,032 out of 23,879 in 2024). This is due to small profit margins, usually around 2%-4%, and the inability to pass on unexpected cost increases to customers due to fixedprice contracts20.",
      "score": 0.5928793,
      "raw_content": null
    },
    {
      "url": "https://www.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html",
      "title": "2026 Engineering and Construction Industry Outlook | Deloitte Insights",
      "content": "Recent tariffs, especially on steel and aluminum, reaching up to 50%5—have sharply raised construction material costs.6 The effective tariff rate for construction goods climbed to a 40-year high of 25% to 30% in 2025.7 The financial impact is evident: Material prices have risen steadily from May through August 2025.8",
      "score": 0.5925965,
      "raw_content": null
    },
    {
      "url": "https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends",
      "title": "Global construction cost trends - GCMI 2025",
      "content": "In developed regions, construction inflation rates continued normalising in 2024, as the effects of restrictive interest rates and softening demand filtered through the economy. The UK recorded an average increase of 3.0 percent, while Europe experienced average inflation of 2.9 percent. North America reported 3.6 percent, whereas Australia and New Zealand experienced a higher rate of 4.7 percent for the year, largely driven by a newly negotiated enterprise agreement introducing a payrise for construction labour, though this still marks an improvement compared to previous years. These figures indicate a return to escalation rates more aligned with those seen prior to the pandemic, suggesting greater stability in material pricing and project-related costs. [...] Image 28\n\nConstruction cost growth continues to show signs of easing at the global level. On average, construction cost inflation is projected to settle at 3.9 percent globally in 2025, before rising marginally to 4 percent in 2026, though regional disparities persist. [...] In the UK and North America, construction cost inflation is anticipated to remain steady at 3.5 percent and 3.8 percent, respectively. However, at the time of the survey, uncertainties persist, particularly in the US, where policy changes could have significant implications for construction. Factors such as fluctuations in plant and material costs and deportation policies affecting labour availability are expected to be key considerations influencing future trends.\n\nGiven the potential for rapid market shifts, ongoing monitoring of developments is advised to ensure timely adaptation to changing conditions.\n\n#### GLOBAL\n\n## Construction input costs and global supply trends\n\n### Labour",
      "score": 0.50168514,
      "raw_content": null
    },
    {
      "url": "https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026",
      "title": "Construction building materials: commentary March 2026 - GOV.UK",
      "content": "Exports of construction materials:\n\n decreased by £46 million in Quarter 4 2025 compared with Quarter 3 2025, from £2,246 million to £2,201 million, a decrease of 2.0%\n increased by £315 million in 2025 compared with 2024, from £8,545 million to £8,860 million, an increase of 3.7%\n\nImports of construction materials:\n\n decreased by £369 million in Quarter 4 2025 compared with Quarter 3 2025, from £5,772 million to £5,403 million, a decrease of 6.4%\n decreased by £314 million in 2025 compared with 2024, from £22,900 million to £22,586 million, a decrease of 1.4%\n\nThe trade deficit of construction materials: [...] Main points:\n\n total construction output is projected to grow by 1.9% in 2025, 2.8% in 2026 and 4.2% in 2027\n the new housing sector is expected to grow by 2.1% in 2025, 4.9% in 2026 and 8.8% in 2027\n total repair, maintenance and improvement (RM&I) is forecast to grow by 1.3% in 2025, 2.2% in 2026 and 2.4% in 2027\n the new infrastructure sector is expected to grow by 3.9% in 2025, 2.4% in 2026 and 4.6% in 2027\n the private industrial sector is expected to grow by 0.6% in 2025, 2.2% in 2026 and 3.5% in 2027\n the public non-residential sector is forecast to decrease by 6.0% in 2025, then grow by 1.1% in 2026 and 3.0% in 2027\n\nThe Construction Products Association (CPA) published their construction industry forecasts for Winter 2025 in January 2025. Main points: [...] | Material price indices | February 2025 to February 2026 | January 2026 to February 2026 |\n --- \n| New housing | 3.4 | 0.1 |\n| Other new work | 1.1 | 0.6 |\n| Repair and maintenance | 2.7 | -0.1 |\n| All work | 2.1 | 0.4 |\n\nDownload data for table 1: construction material price indices, year-on-year and month-on-month percentage change\n\nThe material price index for ‘All work’:\n\n increased by 2.1% in February 2026 compared with February 2025\n increased by 2.0% in January 2026 compared with January 2025\n increased by 0.4% in February 2026 compared with January 2026\n decreased by 0.1% in January 2026 compared with December 2025\n\n#### Table 2: construction materials experiencing the greatest price increases and decreases in the 12 months to February 2026, UK",
      "score": 0.4920179,
      "raw_content": null
    }
  ],
  "formatted": "Source: United Kingdom Steel Industry Report 2026 | Now Available\nURL: https://finance.yahoo.com/sectors/energy/articles/united-kingdom-steel-industry-report-090900606.html\n-1.94% NUE -2.50% Company Logo Company Logo The UK steel market is set to rise from US$ 57.91 billion in 2025 to US$ 82.49 billion by 2034, growing at a CAGR of 4.01%. This growth is fueled by ongoing infrastructural modernization, rising electric vehicle production, and the increasing use of high-strength, sustainable steel across various industries. Key sectors include building and construction, automotive, and renewable energy, with London, Manchester, and Liverpool being major regional hubs. The market faces challenges from high energy costs and competitive pressures but remains vital for a sustainable future. Notable companies include ArcelorMittal, Tata Steel, and Nucor Corporation. United Kingdom Steel Market United Kingdom Steel Market [...] United Kingdom Steel Market · GlobeNewswire Inc. Dublin, April 29, 2026 (GLOBE NEWSWIRE) -- The \"United Kingdom Steel Market Report by Type, Product, Application, Cities and Companies Analysis 2026-2034\" report has been added to ResearchAndMarkets.com's offering. The UK steel market is anticipated to surge from US$ 57.91 Billion in 2025 to US$ 82.49 Billion in 2034, driven by continuous demand from building and construction, infrastructure, automotive, and renewable energy industries. The market is expected to grow at a CAGR of 4.01% from 2026-2034, due to ongoing infrastructural modernization, electric vehicle production growth, and the increasing application of high strength and sustainable steel grades in various industrial uses. [...] Within the United Kingdom, steel has long been a backbone in industrial development and remains strategically important to this very day. The construction sector in the UK is very dependent on structural and reinforcing steel in various building works, bridges, and infrastructure projects. \n\n---\n\nSource: UK Construction Sector Report December 2025 - Tokio Marine HCC\nURL: https://www.tmhcc.com/en/news-and-articles/thought-leadership/uk-construction-sector-report-december-2025\nMeanwhile, data from the ONS shows that new order inflow has started to pick up, pointing towards increased building activity in 202615. “All new work” expanded by almost 30% y/y in Q3 2025, the fastest rate of expansion since late 2021. “Private commercial” (up by 48.6% y/y) and “private industrial” (+100.8% y/y) saw even more rapid new order inflow but data tends to be volatile so it is too early to be overly optimistic. Positively, after a period of contraction between Q2 2022 and Q3 2024 (when new order inflow was negative in y/y terms in seven out of nine quarters), new orders have been rising in three out of the past four quarters now. Seasonally Adjusted New Orders for Construction ( y/y change in volume terms) Source: ONS [...] Source: ONS A closer look at the 2025-data shows that things have changed and that new work has become the growth driver. Since the start of the year, repair and maintenance growth (measured in seasonally adjusted moving three-month averages) has remained in a 0.0% to 1.3% y/y corridor, far below the corresponding new work readings (which stood between 1.3% and 3.5% in January to September 2025). On balance, output growth in the construction sector had picked up in spring, reaching 2.2% y/y in the three months to April 2025, the best reading since February 2023. However, since then, performance has slowed down and sectoral output growth moderated again, dropping to 1.5% y/y in the July-September period. [...] However, UK construction continues to display an above-average insolvency risk. While the sector accounts for around 6%-7% of gross value added in the country, it is responsible for almost 17% of all insolvencies (4,032 out of 23,879 in 2024). This is due to small profit margins, usually around 2%-4%, and the inability to pass on une\n\n---\n\nSource: 2026 Engineering and Construction Industry Outlook | Deloitte Insights\nURL: https://www.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html\nRecent tariffs, especially on steel and aluminum, reaching up to 50%5—have sharply raised construction material costs.6 The effective tariff rate for construction goods climbed to a 40-year high of 25% to 30% in 2025.7 The financial impact is evident: Material prices have risen steadily from May through August 2025.8\n\n---\n\nSource: Global construction cost trends - GCMI 2025\nURL: https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends\nIn developed regions, construction inflation rates continued normalising in 2024, as the effects of restrictive interest rates and softening demand filtered through the economy. The UK recorded an average increase of 3.0 percent, while Europe experienced average inflation of 2.9 percent. North America reported 3.6 percent, whereas Australia and New Zealand experienced a higher rate of 4.7 percent for the year, largely driven by a newly negotiated enterprise agreement introducing a payrise for construction labour, though this still marks an improvement compared to previous years. These figures indicate a return to escalation rates more aligned with those seen prior to the pandemic, suggesting greater stability in material pricing and project-related costs. [...] Image 28 Construction cost growth continues to show signs of easing at the global level. On average, construction cost inflation is projected to settle at 3.9 percent globally in 2025, before rising marginally to 4 percent in 2026, though regional disparities persist. [...] In the UK and North America, construction cost inflation is anticipated to remain steady at 3.5 percent and 3.8 percent, respectively. However, at the time of the survey, uncertainties persist, particularly in the US, where policy changes could have significant implications for construction. Factors such as fluctuations in plant and material costs and deportation policies affecting labour availability are expected to be key considerations influencing future trends. Given the potential for rapid market shifts, ongoing monitoring of developments is advised to ensure timely adaptation to changing conditions. #### GLOBAL ## Construction input costs and global supply trends ### Labour\n\n---\n\nSource: Construction building materials: commentary March 2026 - GOV.UK\nURL: https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026\nExports of construction materials: decreased by £46 million in Quarter 4 2025 compared with Quarter 3 2025, from £2,246 million to £2,201 million, a decrease of 2.0% increased by £315 million in 2025 compared with 2024, from £8,545 million to £8,860 million, an increase of 3.7% Imports of construction materials: decreased by £369 million in Quarter 4 2025 compared with Quarter 3 2025, from £5,772 million to £5,403 million, a decrease of 6.4% decreased by £314 million in 2025 compared with 2024, from £22,900 million to £22,586 million, a decrease of 1.4% The trade deficit of construction materials: [...] Main points: total construction output is projected to grow by 1.9% in 2025, 2.8% in 2026 and 4.2% in 2027 the new housing sector is expected to grow by 2.1% in 2025, 4.9% in 2026 and 8.8% in 2027 total repair, maintenance and improvement (RM&I) is forecast to grow by 1.3% in 2025, 2.2% in 2026 and 2.4% in 2027 the new infrastructure sector is expected to grow by 3.9% in 2025, 2.4% in 2026 and 4.6% in 2027 the private industrial sector is expected to grow by 0.6% in 2025, 2.2% in 2026 and 3.5% in 2027 the public non-residential sector is forecast to decrease by 6.0% in 2025, then grow by 1.1% in 2026 and 3.0% in 2027 The Construction Products Association (CPA) published their construction industry forecasts for Winter 2025 in January 2025. Main points: [...] | Material price indices | February 2025 to February 2026 | January 2026 to February 2026 | --- | New housing | 3.4 | 0.1 | | Other new work | 1.1 | 0.6 | | Repair and maintenance | 2.7 | -0.1 | | All work | 2.1 | 0.4 | Download data for table 1: construction material price indices, year-on-year and month-on-month percentage change The material price index for ‘All work’: increased by 2.1% in February 2026 compared w"
}