The Construction Industry in 2024: What Can We Expect?
The construction industry is poised to undergo significant transformations in 2024. As we prepare for a rebound from the economic slowdown, it’s paramount to grasp the forthcoming changes and their implications.
The UK construction sector is predicted to witness renewed growth, fuelled by an upturn in consumer and business confidence. This growth will be supported by trailblazing trends and innovations like Construction Management Software (CMS), 3D printing, sustainability, and continued adoption of automation.
Understanding how the construction industry is changing in 2024 is crucial for anyone looking to stay competitive in the coming year, so read on to find out more about the exciting times ahead.
How is the Construction Industry Changing in 2024?
Things look positive
The UK construction industry is on the cusp of a significant resurgence in 2024, with an expected growth of 12% compared to the previous year. This promising forecast is largely attributed to an anticipated upturn in the UK economy, which will likely foster increased consumer and business confidence. Consequently, improved household spending and renewed faith in market stability are set to stimulate activity across various sectors within the industry.
A rebound in construction output
After a drop in output during 2023, one of the construction trends for 2024 is expected to be a resurgence of 1.1%. While this is modest and not on a level with output levels from 2022, it’s nevertheless a sign of positive change for the coming year.
Major education investment
The highest rate of growth this year is likely to fall in the education sector. This is largely due to the Department of Education’s plan to rebuild hundreds of schools over the next decade. This is set to include refurbishment works to over 800 academies, colleges, voluntary aid schools and more.
This injection of funding will yield positive results not only for education trusts up and down the country but also for the construction industry as it continues to grow throughout the coming year.
Gradual growth across sectors
Reports show that one of the key things to expect in the construction industry for 2024 will be gradual, modest growth across a number of sectors. Higher construction costs, interest rates, supply chain issues, and other concerns have presented notable challenges for the construction industry over the last year.
However, looking forward, this should begin to stabilise. From a 3.8% per annum real-term growth rate in NHS funding to improved market conditions in the social housing sector, a growing number of opportunities will be available to construction firms in the coming year.
Innovative Construction Trends for 2024
At the forefront of construction growth for the next year are social and technological innovations and developments. So, let’s take a look at what we can expect over the coming months.
A boost in CMS usage
CMS is a cloud-based software that allows construction teams to manage project planning, scheduling, communications, and documentation from a single touchpoint. Increased efficiency, reduced downtime, and better staff satisfaction are driving the growth in popularity of CMS. Indeed, the usage of this style of software is set to grow exponentially throughout 2024 and beyond, with a predicted global market worth of nearly £20 billion by 2028.
Prioritising sustainability
In 2024, the UK construction industry is poised for a transformative shift towards sustainability. Key players are expected to embrace advanced technologies and sustainable practices that will fundamentally reshape the sector.
This was made possible partially thanks to central funding, with the Government determined to reach Net Zero by 2050. It’s also been supported widely by partnering initiatives like those conducted by Natwest. The banking group is proudly supporting the UK construction sector to accelerate retrofitting,
Increased use of 3D printing
Another construction trend to watch out for in 2024 is the increased leverage of 3D printing. The UK’s first on-site 3D reinforced concrete printer has recently entered the market and is set to deliver environmental cost and community benefit for Britain’s construction sector.
While the UK’s efforts have traditionally been modest in this sector, 3D printing can bring numerous benefits to the construction industry that we’re likely to see in 2024. From cost efficiency to flexibility and speed to safety, it’s an innovation that could pay dividends with the proper training and experience.
Continued growth in automation
Automation is predicted to continue its growing impact on the UK construction industry as we move into 2024. Automation in construction is something we’ve spoken about in the past, and, much like 3D printing, is set to have a significant impact on efficacy, cost reduction, and safety.
As with all automation innovations, concerns rise regarding reduced staffing necessity, but this isn’t necessarily the case. Experts predict that, similarly to other sectors, automation will act as a supporting tool for employees rather than a replacement.
Partner with a Forward Thinking and Diverse Team
At ITS, we pride ourselves on embracing progress and innovation in the construction sector. For the last 50 years, we’ve been a specialist recruitment partner supporting firms nationwide.
We work with main contractors, developers and sub-contractors to supply trades, labour and professional construction staff. It’s our belief that creating a fair, equal ground for anyone looking for a career in construction is crucial to both the individual and the industry.
You can learn more about us and who we work with by following the links. Or, get in touch for a more detailed conversation.
