Beale & Co News: Market Trends in the Construction Industry in 2023 and how to Tackle Them in 2024
As the first two months of 2024 draws to a close, we feel it is an opportune time to reflect on some of the trends we saw in the construction industry in 2023 and hopefully look with some positivity at what is to come in 2024.
2023 was, in lots of ways, a difficult year for the construction industry. It was plagued by inflation, increased cost of materials, skilled labour shortages, a cost-of-living crisis and the ongoing effects of the Russo-Ukrainian war. It was not all doom and gloom though. We saw a real increase in the focus on climate change and decarbonisation in construction projects globally and in the use of digital technologies to improve efficiencies. We also saw the introduction of secondary legislation under the Building Safety Act which reflected a hugely important step towards a safer built environment.
This article will reflect on these important trends.
Written by Andrew Croft & Ellie Eastwood
