{
  "query": "UK construction cost inflation 2024-2026 steel sector news NEC4 project performance trends",
  "claims": [
    {
      "claim": "UK tender price inflation reached 2.4% in 2024, while the building cost index rose by 3.7% in Q4 2024.",
      "verbatim_quote": "Tender price inflation strengthened in the final quarter of 2024, pushing up to 2.4% in the year. ... The building cost index rose by 3.7% in Q4, reflecting wage inflation and material price increases.",
      "source_url": "https://www.steelconstruction.info/images/f/fb/Costing_Steelwork-31.pdf",
      "relevance": "high"
    },
    {
      "claim": "UK construction cost inflation is projected to remain steady at 3.5% in 2025.",
      "verbatim_quote": "In the UK and North America, construction cost inflation is anticipated to remain steady at 3.5 percent and 3.8 percent, respectively.",
      "source_url": "https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends",
      "relevance": "high"
    },
    {
      "claim": "Fabricated structural steel prices in the UK fell by 6.9% annually by the end of 2024.",
      "verbatim_quote": "The annual fall in the price of fabricated structural steel was 6.9%, whereas ready-mix concrete prices showed a rise of 4.3% over the same period.",
      "source_url": "https://www.steelconstruction.info/images/f/fb/Costing_Steelwork-31.pdf",
      "relevance": "high"
    },
    {
      "claim": "UK construction output price inflation is forecast to exceed input price inflation in 2025, supporting profit margins.",
      "verbatim_quote": "Latest available data for September 2025 shows construction sector output price inflation standing at 2.7% y/y, thereby exceeding input price inflation. Positively, this is supporting profit margins following several years of material price inflation severely outstripping output price inflation.",
      "source_url": "https://www.tmhcc.com/en/news-and-articles/thought-leadership/uk-construction-sector-report-december-2025",
      "relevance": "medium"
    },
    {
      "claim": "Structural steel pricing is rising into 2026, with wide flange pricing up $100/ton from October 2025 due to tariffs and demand.",
      "verbatim_quote": "In addition, structural steel pricing is also on the rise. Wide flange pricing is up $100/ton from October 2025. The combination of tariffs and strong demand from data centers and manufacturing facilities are key factors driving up price",
      "source_url": "https://interactive.usa.skanska.com/2026-winter-construction-market-trends",
      "relevance": "high"
    },
    {
      "claim": "General project cost escalation for early 2026 is projected at 4–6%, with potential for 7–10% in tariff-heavy scenarios.",
      "verbatim_quote": "Early 2026 projections place project cost escalation at 4–6 percent, with tariff-driven scenarios potentially reaching 7–10 percent.",
      "source_url": "https://interactive.usa.skanska.com/2026-winter-construction-market-trends",
      "relevance": "high"
    },
    {
      "claim": "Steel HRC/CRC prices are reported to have risen nearly 45% since mid-2025.",
      "verbatim_quote": "Steel HRC/CRC prices continueing to rise and areis up nearly 45 percent% since mid-2025.",
      "source_url": "https://interactive.usa.skanska.com/2026-winter-construction-market-trends",
      "relevance": "high"
    }
  ],
  "market_context": "- [HIGH] UK tender price inflation reached 2.4% in 2024, while the building cost index rose by 3.7% in Q4 2024. (source: https://www.steelconstruction.info/images/f/fb/Costing_Steelwork-31.pdf)\n- [HIGH] UK construction cost inflation is projected to remain steady at 3.5% in 2025. (source: https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends)\n- [HIGH] Fabricated structural steel prices in the UK fell by 6.9% annually by the end of 2024. (source: https://www.steelconstruction.info/images/f/fb/Costing_Steelwork-31.pdf)\n- [MEDIUM] UK construction output price inflation is forecast to exceed input price inflation in 2025, supporting profit margins. (source: https://www.tmhcc.com/en/news-and-articles/thought-leadership/uk-construction-sector-report-december-2025)\n- [HIGH] Structural steel pricing is rising into 2026, with wide flange pricing up $100/ton from October 2025 due to tariffs and demand. (source: https://interactive.usa.skanska.com/2026-winter-construction-market-trends)\n- [HIGH] General project cost escalation for early 2026 is projected at 4–6%, with potential for 7–10% in tariff-heavy scenarios. (source: https://interactive.usa.skanska.com/2026-winter-construction-market-trends)\n- [HIGH] Steel HRC/CRC prices are reported to have risen nearly 45% since mid-2025. (source: https://interactive.usa.skanska.com/2026-winter-construction-market-trends)"
}