Latest report: Autumn 2024
The UK economy continues to recover, but challenges remain.
Following the mild recession of last year, 2024 has seen relatively strong growth in the first two quarters, but recent data suggest that growth is stalling somewhat. Inflation has returned to around the 2% target rate and is expected to remain at around that level until at least 2027.
The outlook for the construction sector is improving. While output growth in early 2024 has been sluggish at best, recovery is anticipated to gather pace towards the end of this year and into 2025 and 2026.
Assessments of the construction industry are improving. While 2024 may remain challenging for many, new starts are set to pick up this year, with a recovery gathering pace in 2025 and 2026. In 2025, housing is set to be the fastest-growing sector for new starts. Construction output is expected to grow from next year onward.
Interest rates have stabilised. Inflation is falling, and the Bank of England has made its first interest rate reduction.
About the RIBA economic reports
This economic report brings together information from a range of primary sources. It aims to help practices place their work within the wider economic context.
The RIBA economic report provides summarised information about the current and future:
- UK economy
- construction output
- architectural workload
Download the report below.
