{
  "query": "UK construction cost trends 2024 steel industry benchmarks NEC contract variance norms",
  "claims": [
    {
      "claim": "In the 12 months to December 2024, the all-Construction Output Price Index grew by 3.4%, with new work output prices increasing by 3.7%.",
      "verbatim_quote": "In the 12 months to December 2024, there was growth in the all-Construction Output Price Index of 3.4%. At the lower level, repair and maintenance, and new work output prices increased across the 12 months to December 2024 by 2.7% and 3.7%, respectively.",
      "source_url": "https://www.ons.gov.uk/businessindustryandtrade/constructionindustry/articles/constructionstatistics/2024",
      "relevance": "high"
    },
    {
      "claim": "Fabricated structural steel prices decreased by 15.8% in the 12 months leading to February 2024.",
      "verbatim_quote": "Fabricated structural steel | -15.8",
      "source_url": "https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2024/construction-building-materials-commentary-march-2024",
      "relevance": "high"
    },
    {
      "claim": "Concrete reinforcing bars (steel) saw a price decrease of 18.2% in the 12 months to February 2024.",
      "verbatim_quote": "Concrete reinforcing bars (steel) | -18.2",
      "source_url": "https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2024/construction-building-materials-commentary-march-2024",
      "relevance": "high"
    },
    {
      "claim": "Aecom's baseline forecast for construction tender prices predicts a 3.5% increase from Q2 2024 to Q2 2025.",
      "verbatim_quote": "Aecom’s baseline forecast for tender prices is broadly a 5% increase from Q2 2023 to Q2 2024, and a 3.5% increase from Q2 2024 to Q2 2025.",
      "source_url": "https://www.steelconstruction.info/images/a/a0/Costing_Steelwork-24.pdf",
      "relevance": "high"
    },
    {
      "claim": "The cost model index for steelwork is forecasted to rise from 152.6 in Q1 2024 to 156.7 in Q4 2024.",
      "verbatim_quote": "2024 1 152.6 2 154.0 3 155.5 4 156.7",
      "source_url": "https://www.steelconstruction.info/images/a/a0/Costing_Steelwork-24.pdf",
      "relevance": "high"
    },
    {
      "claim": "The value of construction new work in Great Britain increased by 1.4% in 2024, driven by a 6.7% rise in public sector work.",
      "verbatim_quote": "The value of construction new work in current prices in Great Britain during 2024 increased by 1.4% to £140,684 million; this increase was driven solely by a rise of 6.7% (£2,592 million) in public sector new work",
      "source_url": "https://www.ons.gov.uk/businessindustryandtrade/constructionindustry/articles/constructionstatistics/2024",
      "relevance": "medium"
    },
    {
      "claim": "UK steel producers face higher electricity prices than competitors in France and Germany, impacting cost competitiveness.",
      "verbatim_quote": "UK producers also continue to experience higher electricity prices than their competitors in France and Germany.",
      "source_url": "https://www.uksteel.org/steel-news-2024/key-stats-2024",
      "relevance": "medium"
    }
  ],
  "market_context": "- [HIGH] In the 12 months to December 2024, the all-Construction Output Price Index grew by 3.4%, with new work output prices increasing by 3.7%. (source: https://www.ons.gov.uk/businessindustryandtrade/constructionindustry/articles/constructionstatistics/2024)\n- [HIGH] Fabricated structural steel prices decreased by 15.8% in the 12 months leading to February 2024. (source: https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2024/construction-building-materials-commentary-march-2024)\n- [HIGH] Concrete reinforcing bars (steel) saw a price decrease of 18.2% in the 12 months to February 2024. (source: https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2024/construction-building-materials-commentary-march-2024)\n- [HIGH] Aecom's baseline forecast for construction tender prices predicts a 3.5% increase from Q2 2024 to Q2 2025. (source: https://www.steelconstruction.info/images/a/a0/Costing_Steelwork-24.pdf)\n- [HIGH] The cost model index for steelwork is forecasted to rise from 152.6 in Q1 2024 to 156.7 in Q4 2024. (source: https://www.steelconstruction.info/images/a/a0/Costing_Steelwork-24.pdf)\n- [MEDIUM] The value of construction new work in Great Britain increased by 1.4% in 2024, driven by a 6.7% rise in public sector work. (source: https://www.ons.gov.uk/businessindustryandtrade/constructionindustry/articles/constructionstatistics/2024)\n- [MEDIUM] UK steel producers face higher electricity prices than competitors in France and Germany, impacting cost competitiveness. (source: https://www.uksteel.org/steel-news-2024/key-stats-2024)"
}