With the UK avoiding a deep recession and inflation forecast to fall to around 5% by the end of this year, there are reasons to be optimistic about the state of the UK wider economy. But the effects of several years of extreme inflation have had a particularly adverse impact on the construction industry, reflected in the reported recent rise in insolvencies and the closure of large firms, such as Buckingham Group. And, as we continue to highlight, the CPI is not a reliable indicator of ever-fluctuating building costs.
With materials still at historically high levels and labour costs on the increase, we explore the challenges the industry continues to face. Construction inflation – is the worst really over?
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