Between 2013 and 2023, the UK's construction of roads and railways sector has exhibited variability in performance with notable growth periods such as in 2015 and 2021, and significant drops in 2017 and 2020. By 2023, the sector stood at £11.59 billion, showcasing a 1.78% year-on-year growth, marking resilience post-pandemic. The average annual growth rate (CAGR) over the last five years up to 2023 is at 2%. Forecast data from 2024 to 2028 indicates a steady but modest rising trend, with a projected 1.39% annual growth rate, leading to a 7.16% increase over these five years.
Future trends to watch include:
- Impact of government policies and infrastructure investments.
- Innovations in construction technology and materials.
- Environmental sustainability practices and regulations.
- Economic factors affecting public and private sector spending.