{
  "query": "UK construction cost trends 2024-2026 steel industry benchmarks NEC contract cost growth",
  "claims": [
    {
      "claim": "The UK recorded an average construction cost inflation increase of 3.0 percent in 2024.",
      "verbatim_quote": "The UK recorded an average increase of 3.0 percent, while Europe experienced average inflation of 2.9 percent.",
      "source_url": "https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends",
      "relevance": "high"
    },
    {
      "claim": "UK construction cost inflation is projected to remain steady at 3.5 percent 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": "Total UK construction output is projected to grow by 1.9% in 2025 and 2.8% in 2026.",
      "verbatim_quote": "total construction output is projected to grow by 1.9% in 2025, 2.8% in 2026 and 4.2% in 2027",
      "source_url": "https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026",
      "relevance": "high"
    },
    {
      "claim": "The UK steel market is expected to grow at a CAGR of 4.01% from 2026 to 2034.",
      "verbatim_quote": "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.",
      "source_url": "https://finance.yahoo.com/sectors/energy/articles/united-kingdom-steel-industry-report-090900606.html",
      "relevance": "high"
    },
    {
      "claim": "The UK construction material price index for 'All work' increased by 2.1% in February 2026 compared with the previous year.",
      "verbatim_quote": "The material price index for ‘All work’: increased by 2.1% in February 2026 compared w",
      "source_url": "https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026",
      "relevance": "high"
    },
    {
      "claim": "The UK steel market is projected to rise from US$ 57.91 billion in 2025 to US$ 82.49 billion by 2034.",
      "verbatim_quote": "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%.",
      "source_url": "https://finance.yahoo.com/sectors/energy/articles/united-kingdom-steel-industry-report-090900606.html",
      "relevance": "high"
    },
    {
      "claim": "UK construction profit margins are typically small, ranging between 2% and 4%.",
      "verbatim_quote": "This is due to small profit margins, usually around 2%-4%, and the inability to pass on une",
      "source_url": "https://www.tmhcc.com/en/news-and-articles/thought-leadership/uk-construction-sector-report-december-2025",
      "relevance": "medium"
    }
  ],
  "market_context": "- [HIGH] The UK recorded an average construction cost inflation increase of 3.0 percent in 2024. (source: https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends)\n- [HIGH] UK construction cost inflation is projected to remain steady at 3.5 percent in 2025. (source: https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends)\n- [HIGH] Total UK construction output is projected to grow by 1.9% in 2025 and 2.8% in 2026. (source: https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026)\n- [HIGH] The UK steel market is expected to grow at a CAGR of 4.01% from 2026 to 2034. (source: https://finance.yahoo.com/sectors/energy/articles/united-kingdom-steel-industry-report-090900606.html)\n- [HIGH] The UK construction material price index for 'All work' increased by 2.1% in February 2026 compared with the previous year. (source: https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026)\n- [HIGH] The UK steel market is projected to rise from US$ 57.91 billion in 2025 to US$ 82.49 billion by 2034. (source: https://finance.yahoo.com/sectors/energy/articles/united-kingdom-steel-industry-report-090900606.html)\n- [MEDIUM] UK construction profit margins are typically small, ranging between 2% and 4%. (source: https://www.tmhcc.com/en/news-and-articles/thought-leadership/uk-construction-sector-report-december-2025)"
}