How has the construction industry started 2024?

At ABC+ Warranty, we’ve taken a look at the industry’s numbers at the beginning of 2024. Continue reading to find out how the sector is performing.

Overview of growth

December 2023 saw the construction sector shrink by 0.5% (a third straight decline), just as the UK economy entered a technical recession. However, the industry has bounced back impressively!

In January 2024, construction output in the UK increased by 1.1%, with a total output value of £15.42 billion, compared to £15.25bn in December – according to the Office for National Statistics (ONS).

Housing activity also increased in January, with new housing work delivering a 2.56% increase. Additionally, repair and maintenance in the housing sector also increased, with a slight 0.47% uptick.

This helped to offset small decreases in new work in the industrial and commercial sectors.

“We have seen an influx in Housing Association enquiries for our ‘12 Year Social Housing Structural Warranty’ as well as a high volume of new applications for residential homes from property developers,” Adele Reid, Managing Director of ABC+, said.

“The UK have a shortage of affordable homes so it’s great to see so many applications going ahead for social housing in addition to the private sector. We anticipate this will continue well into 2025 and is a priority for the UK Government across all of the competing parties.”

What does the future look like?

So, what’s expected to come throughout the rest of the year?

Social and technological innovations and developments are expected to be at the forefront of growth for the rest of the year, including a prioritisation of sustainability, the increased use of 3D printing, and automation.

Sustainability

Throughout 2024, the construction industry is expected to make a considerable shift towards sustainability. The sector is set to embrace advanced technologies and sustainable practices – thanks mainly to central funding, with the UK government determined to reach Net Zero by 2050.

Throughout the sector, contractors will prioritise the use of renewable and recycled materials, including sustainably sourced timber, recycled steel and low-carbon concrete.

The growth of Social Housing will continue to boom.

3D printing

Another trend to keep an eye on in 2024 is the increased usage of 3D printing. There are huge benefits in terms of cost efficiency, flexibility and speed related to 3D printing, so it may be adopted by a wide array of contractors.

In 2022, 3D-printed homes were announced, and it seems 2024 may well be the year where it truly takes off on a national scale.

Automation

Automation is also growing in popularity and efficiency in the construction industry. This includes the use of machines that can excavate to pre-specified depths and perform pipework. Flying drones have also been used to perform surveying duties and site inspections.

Drones can be used to quickly inspect buildings for defects, cracks, leaks and more.

ABC+ Warranty has been at the forefront of embracing technology in the construction industry, Adele Reid explained: “ABC+ Warranty has embraced drone technology since 2022 and was amongst the first forward-thinking warranty providers to embrace the technology.

“This has helped ABC+ to spot defects before homeowner occupation takes place, enabling the developer to rectify works in advance.

“ABC+ continues to be at the forefront of innovation whilst driving high standards across the structural warranty industry providing better homes and better outcomes for the consumer.”

Automation is also used in the pre-construction phase, helping with planning and designing, which can prevent unnecessary injuries and potential timescale delays.

ABC+ Warranty – at the forefront of the construction sector

At ABC+ Warranty, we’re always on top of the latest innovations and updates in the construction industry. In our news section, we’ll always strive to keep you up-to-date with the latest news, statistics and updates relevant to the construction sector.

As well as being heavily knowledgeable about the construction industry, we offer a wide range of structural warranties for ALL building types!

We can also supply a Professional Consultants Certificate (PCC) and can help with a lot more in regards to the construction sector. Other products offered by ABC+ include Insurance Backed Guarantees, Road and Sewer Bonds, Construction Finance and, coming soon, Contractors All-Risk Insurance.

Find out how we can help you by contacting us today. Either call 0161 928 8804 or send an email to info@architectscertificate.co.uk. Additionally, you can quickly request a free quote from our website.