'Plan early' - homebuilders warned building costs are set to rise 12% by 2030
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'Plan early' - homebuilders warned building costs are set to rise 12% by 2030
"Dr David Crosthwaite, chief economist at BCIS, warns that 2025 could be another difficult year for the construction industry due to economic stagnation and inflationary pressures."Construction is facing a tough year ahead," Crosthwaite explains. "With economic growth stagnating and inflation picking up again, stagflation is becoming a real possibility this year.""
The latest forecast from the Building Cost Information Service (BCIS) indicates that building costs are likely to increase significantly, by 12% over the next five years. This increase is attributed to rising labor costs, with forecasts suggesting an 18% rise in the Labour Cost Index by 2030, as well as materials costs that are expected to grow by 15%. Economic stagnation and inflation enhance the challenges faced by homebuilders and renovators, prompting them to prepare for fluctuating market conditions ahead.
#construction-costs #building-industry #economic-forecast #labor-costs #materials-pricing
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