PAYING UP
Construction sector wages increased by 6 per cent in the year to November 2024, the latest Office of National Statistics data shows. This was a decrease on the 6.9 per cent rise in the 12 months to October 2024, but still the highest growth since August 2023. David Crosthwaite, chief economist at the Building Cost Information Service, said:
“We expect some stability in wage growth going forward, although much will depend on any inflationary impacts from the recent Budget and future demand levels.”
COLLATERAL FINANCE
The use of unpaid invoices as collateral for funding has become increasingly popular among construction SMEs. Almost one in four adopted this method in Q4 last year, according to research from insurance firm Purbeck.
HEALTHY NUMBERS
UK construction SMEs saw their average sales increase by the fourth-highest rate among all industries in Q3 2024 compared with Q2, a survey from software firm Unleashed found.
RECOVERY PHASE
Construction output is expected to grow by 2.1 per cent this year after an estimated 2.9 per cent decrease in 2024, according to the Construction Products Association’s latest quarterly forecast.
26%
The level of awareness among facilities managers of how the Building Safety Act affects their role, according to repair products firm Watco.
5,400m2
The footprint of McLaren’s £60m redevelopment project for O&H Properties in New Bond Street, London.
20%
The amount by which modular construction can cut material consumption (along with a 90 per cent reduction in waste), says the Energy Transitions Commission thinktank.
£905m
The value of civils specialist Renew’s order book at the end of 2024.
CRITICAL CONDITION
Almost 7,000 construction firms ended last year in “critical financial distress”, down 13 per cent from the final quarter of 2023, says insolvency practitioner Begbies Traynor.
