The UK specialized construction activities sector has shown consistent growth from 2013 to 2023, with values increasing from £77.77 billion to £115.5 billion. The sector experienced fluctuations, notably a sharp decline in 2020, followed by a substantial recovery in 2021. The year-on-year variation for 2023 was 2.14%, indicating modest growth. The CAGR over the past five years up to 2023 was 3.19%, reflecting stable expansion.
Forecasts from 2024 to 2028 predict a slower growth rate, with the sector expected to reach £128.14 billion by 2028, showing an average annual growth rate of 1.63% over this period.
Future trends to watch for include:
- Potential impacts of economic policies post-Brexit on the construction market.
- Technological advancements and automation influencing productivity and costs.
- Increased focus on sustainable building practices and green technologies.
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