Construction project starts in 2024 finished the year a fifth above 2023 levels, according to the latest figures from Glenigan’s Construction Review.
The special edition of the review focused on the 12 months to the end of December 2024, covering all major (>£100m) and underlying (<£100m) projects, with all underlying figures seasonally adjusted.
Despite significant economic turbulence, 2024 emerged as a pivotal year for construction, driven by significant gains in major project-starts and steady growth in underlying activity.
However, residential construction starts experienced a challenging year, finishing 4% lower than 2023 levels.
Private housing starts were down 9% compared to 2023, while social housing declined 10%, highlighting ongoing affordability and funding challenges.
Commenting on the review’s data Glenigan’s economic director Allan Wilen was optimistic about prospects for housebuilding through 2025.
“Increased government and household spending, as projected by the OBR, will likely provide a much-needed boost across key construction sectors, particularly private housing, retail, and leisure. Private housing is expected to see a 13% growth in project starts, with build-to-rent and SME-focused initiatives broadening development activity.”
