This Review focuses on the three months to the end of November 2024, covering all major (>£100m) and underlying (<100m) projects, with all underlying figures seasonally adjusted.

The latest data paint a generally positive picture. Project starts and prominent contract awards showed promising year-on-year growth, highlighting the return of socioeconomic stability after an extended period of market uncertainty.

However, tempering these activity boosts, detailed planning approvals significantly declined. This indicates persistent cost pressures and dented industry confidence hinder a sector-wide revival.

The Review period was relatively stable for residential construction, with project starts falling 1% compared to the preceding three months and 6% lower than a year ago.

Private housing construction starts were largely responsible for the decline, falling by 3% against the preceding three months and by 1% compared with last year.

However, this was balanced out by social housing starts, which increased 4% during the three months to November despite being 20% down from the previous year.

Overall, non-residential performance rallied during the Index period, with starts up against both the previous quarter and last year.

Hotel & Leisure experienced a substantial period, with the start increasing 37% against the preceding three months to stand at 71% at the same time as a year ago.

Education project starts also increased, rising 31% compared to the preceding three months and 29% compared to the previous year.

Offices had a reasonable period, with the value of the underlying project increasing 24% against the preceding three months and standing 2% up on a year ago.