The prices of many construction materials in the United Kingdom kept increasing in 2024, but more moderately than in previous years. There were also several building materials whose prices fell that year. One of the most extreme examples was the price of flexible plastic pipes and fittings, which rose by over ** percent that year. The price of a couple steel products fell by over ** percent that year. In late 2024, copper-based products were among the building materials with the highest price increases in the U.S.

The construction output price in the United Kingdom has reached an annual growth rate of two percent in September 2024. Construction costs have been increasing at a lower rate than in 2022 and 2023. The year-over-year growth rate reached over 10 percent in May and June of 2022. Public and private housing was the construction segment with the highest output price increase. How have material costs developed over the years? Several factors influence construction material costs, including supply and demand, regulatory requirements, and transportation logistics. Manufacturing efficiency and global trade policies also play a big part, along with economic factors like inflation and currency fluctuations. In June 2022, the price of construction materials for new houses in the UK were 53 percent higher than in 2015. What is the largest component of those costs? Labor costs are often one of the largest expenses in construction projects. That is due to the skilled nature of the work, which has a high demand for specialized trades. The construction sector's labor costs accounted for around 58 percent of the sector's earnings in the United Kingdom in 2023. In the past years, the size of labor costs as a share of the construction sector rose by more than three percentage points, indicating that labor costs have increased at a faster rate than the overall revenue of the industry.

Construction Output Price Indices (OPIs) from January 2014 to December 2024, UK. Summary.

Building materials made of steel, copper and other metals had some of the highest price growth rates in the U.S. in early 2025 in comparison to the previous year. The growth rate of the cost of several construction materials was slightly lower than in late 2024. It is important to note, though, that the figures provided are Producer Price Indices, which cover production within the United States, but do not include imports or tariffs. This might matter for lumber, as Canada's wood production is normally large enough that the U.S. can import it from its neighboring country. Construction material prices in the United Kingdom Similarly to these trends in the U.S., at that time the price growth rate of construction materials in the UK were generally lower 2024 than in 2023. Nevertheless, the cost of some construction materials in the UK still rose that year, with several of those items reaching price growth rates of over **** percent. Considering that those materials make up a very big share of the costs incurred for a construction project, those developments may also have affected the average construction output price in the UK. Construction material shortages during the COVID-19 pandemic During the first years of the COVID-19 pandemic, there often were supply problems and material shortages, which created instability in the construction market. According to a survey among construction contractors, the construction materials most affected by shortages in the U.S. during most of 2021 were steel and lumber. This was also a problem on the other side of the Atlantic: The share of building construction companies experiencing shortages in Germany soared between March and June 2021, staying at high levels for over a year. Meanwhile, the shortage of material or equipment was one of the main factors limiting the building activity in France in June 2022.

This dataset contains the indices of UK hourly Construction Wage Costs (quarterly; not seasonally adjusted; 2000 = 100) and UK Construction Material Prices for New Housing, Other New Work, Repair and Maintenance, and All Work (monthly; 2010 = 100).

Sales of construction supplies are driven by the level of commercial and residential construction and renovation activity, construction material prices and private consumption. Construction material prices surged over the two years through 2022-23 due to the supply disruptions arising from the Russia-Ukraine conflict. Due to economic uncertainty and rising costs, the construction industry is facing a tough time with fewer new projects. However, there's a silver lining as demand for repair and maintenance work is on the rise, which has helped keep the overall construction supplies output steady. Competition among wholesalers is fierce, especially for those offering durable and cost-effective solutions. While high energy prices have been a hurdle, the recent stabilisation in material costs due to falling pressure in inflation offers some breathing room. In 2024-25, optimism in the construction sector is growing, driven by falling material prices, with revenue anticipated to climb by 4.1% over the year. Falling material prices are also set to improve the industry’s average profit margin. Several social infrastructure frameworks, like the New Hospital Programme and the School Rebuilding Programme, have provided a much-needed inflow of demand for construction supplies. Industry revenue is forecast to inch upwards over the five years through 2024-25 at a compound annual rate of 0.2% to reach £40.5 billion. Looking forward, several opportunities present themselves to construction supplies wholesalers. The government’s commitment to tackling the housing shortage will foster sales to residential building contractors. To meet the government's aim of decarbonising the UK's power system by 2030, construction investments will be poured into constructing renewable energy systems, boosting demand for wholesalers. Sustainably sourced or energy-efficient materials will climb in popularity, likely supporting a widening profit margin. Over the five years through 2029-30, revenue is forecast to grow at a compound annual rate of 5.4% to reach £52.8 billion.

United Kingdom Construction Material Price Index: Repair and Maintenance data was reported at 122.600 2010=100 in Oct 2018. This records an increase from the previous number of 122.200 2010=100 for Sep 2018. United Kingdom Construction Material Price Index: Repair and Maintenance data is updated monthly, averaging 108.200 2010=100 from Jan 2008 (Median) to Oct 2018, with 130 observations. The data reached an all-time high of 122.600 2010=100 in Oct 2018 and a record low of 88.600 2010=100 in Jan 2008. United Kingdom Construction Material Price Index: Repair and Maintenance data remains active status in CEIC and is reported by Department for Business, Innovation and Skills. The data is categorized under Global Database’s United Kingdom – Table UK.I028: Construction Material Price Index: 2010=100.

Building contractors and developers depend on various socio-economic factors, including property values, underlying sentiment in the housing market, the degree of optimism among downstream businesses and credit conditions. All of these drivers typically track in line with economic sentiment, with recent economic shocks spurring a difficult period for building contractors and developers. Nonetheless, the enduring need for building services, particularly to tackle housing shortages across the continent, ensures a strong foundation of work. Revenue is forecast to grow at a compound annual rate of 2.3% to reach €1.3 trillion over the five years through 2025. Operational and supply chain disruption caused by the pandemic reversed the fortunes of building contractors and developers in 2020, as on-site activity tumbled and downstream clients either cancelled, froze or scaled back investment plans. Aided by the release of pent-up demand and supportive government policy, building construction output rebounded in 2021. Excess demand for key raw materials led to extended lead times during this period, while input costs recorded a further surge as a result of the effects of rapidly climbing energy prices following Russia’s invasion of Ukraine. Soaring construction costs and the impact of interest rate hikes on both the housing market and investor sentiment led to a renewed slowdown in building construction activity across the continent. However, falling inflation and the start of an interest rate cutting cycle have spurred signs of a recovery in new work volumes, supporting anticipated revenue growth of 2.3% in 2025. Revenue is forecast to increase at a compound annual rate of 6.7% to €1.7 trillion over the five years through 2030. Activity is set to remain sluggish in the medium term, as weak economic growth and uncertainty surrounding the impact of the volatile global tariff environment on inflation and borrowing costs continue to weigh on investor sentiment. Contractors and developers will increasingly rely on public sector support, including measures to boost the supply of new housing, as countries seek to tackle severe housing shortages. Meanwhile, the introduction of more stringent sustainability requirements will drive demand for energy retrofits.

In 2024, the producer price of most construction products in France were lower than in the previous year. The price of cement increased by 2.47 percent in 2024. The producer price of clay building materials in the French industry for all markets fell by 0.07 percent from 2023 to 2024.

Concrete, cement and plaster product manufacturing revenue is anticipated to climb at a compound annual rate of 2.1% over the five years through 2025 to €163.9 billion, including an estimated increase of 1.4% in 2025. Construction product sales are hugely influenced by activity in the residential and non-residential construction markets, which depend on factors like exchange rates, supply chain disruptions and trading frictions. Concrete, cement and plaster product manufacturers have contended with numerous economic headwinds in recent years, like rampant inflation decimating demand and fierce supply chain disruptions ratcheting up purchase costs and weighing on profitability. After navigating their way through the COVID-19 outbreak, manufacturers were hit by supply chain disruptions and worker shortages, ramping up production costs. These disruptions were exacerbated by the Russia-Ukraine conflict in 2022, which caused energy prices to skyrocket. This hit manufacturers of products like brick and cement especially hard, given their energy-intensive production process. Rising energy prices, felt particularly strongly in the UK, also hurt demand from downstream markets as people tightened their purse strings, making them less inclined to begin renovation projects. To tackle inflation, central banks across Europe have raised interest rates, driving up borrowing costs. As a result, demand for new housing and commercial construction projects has plummeted, which has put a dent in sales of cement, concrete and building plaster products. This coincided with inflated building material costs, which further weighed on revenue growth by hiking the cost of construction projects, putting potential investors off. Although inflationary pressures are easing, the industry continues to grapple with economic uncertainty due to persistently high interest rates, despite recent cuts. Furthermore, ongoing supply chain disruptions, like the impact of US tariffs on trade, are set to dampen economic and construction activity in 2025, limiting revenue growth. Concrete, cement and plaster product manufacturing revenue is slated to swell at a compound annual rate of 3.8% over the five years through 2030 to €197.9 billion, while profit is also set to edge upwards. In the medium term, an improving economic environment is set to aid demand for construction products as inflationary pressures subside and interest rates continue to fall, reducing the cost of borrowing. Manufacturers will increasingly capitalise on growing demand for sustainable construction products, supporting revenue growth, as these products typically demand a higher price. Additionally, product innovations are expected to continue accelerating as construction clients seek more efficient and precise techniques, such as 3D concrete building. This demand is likely to stimulate heightened industry innovation and competition.

Lumber rose to 626.15 USD/1000 board feet on June 27, 2025, up 1.30% from the previous day. Over the past month, Lumber's price has risen 7.30%, and is up 38.97% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Lumber - values, historical data, forecasts and news - updated on June of 2025.

Over the five years through 2024-25, revenue is expected to contract at a compound annual rate of 1.8% to £8.9 billion. Residential construction activity has been resilient, aided by government initiatives introduced to stimulate the housing market and consumer spending. However, commercial construction activity has fared worse amid lower business confidence and uncertainty following the EU referendum, the COVID-19 pandemic and recent macroeconomic headwinds. Intense competition from multidisciplinary building and engineering firms has put pressure on architects and restricted demand. In 2020-21, revenue dropped due to the economic shock of the COVID-19 outbreak and subsequent restrictions, which significantly disrupted construction activity and lowered new work orders. As architects are mainly required during the initial design stages of construction projects, the volume of new orders is indicative of industry demand. As restrictions were lifted and economic conditions improved, demand from the construction sector ramped up, supporting industry growth. In 2023-24, weakened construction activity due to rising materials prices, supply chain disruptions and labour shortages constrained demand for architects. Subdued business confidence and higher borrowing costs weakened investment in projects. In 2024-25, as inflation subsides, hopes of interest rate cuts and greater business confidence will bump up investment into new projects, fuelling demand for architects. Intense competition and soaring inflation have weighed on the average industry profit margin, which is estimated at 14.6% in 2024-25. Industry revenue is forecast to climb at a compound annual rate of 2.7% to £10.1 billion over the five years through 2029-30. Improving economic conditions will breathe confidence and encourage investment in construction projects, supporting demand for architects. Moreover, government initiatives will underpin residential building and infrastructure construction, with housing demand in the UK continuing to swell. The rising use of technology, including the emergence of virtual and augmented reality, and the resultant improvements in efficiency and service quality will support revenue and profit growth. However, rising competition will prove an obstacle to revenue and profit growth.

Copper was one of the materials used in construction with the highest production cost increase in Spain in 2024. The price of plaster products for construction purposes were approximately 2.31 percent lower than in 2023. The price growth of most appliances and fixtures in Spain varied a lot in 2024.

Concrete, cement and plaster product manufacturing revenue is anticipated to climb at a compound annual rate of 2.1% over the five years through 2025 to €163.9 billion, including an estimated increase of 1.4% in 2025. Construction product sales are hugely influenced by activity in the residential and non-residential construction markets, which depend on factors like exchange rates, supply chain disruptions and trading frictions. Concrete, cement and plaster product manufacturers have contended with numerous economic headwinds in recent years, like rampant inflation decimating demand and fierce supply chain disruptions ratcheting up purchase costs and weighing on profitability. After navigating their way through the COVID-19 outbreak, manufacturers were hit by supply chain disruptions and worker shortages, ramping up production costs. These disruptions were exacerbated by the Russia-Ukraine conflict in 2022, which caused energy prices to skyrocket. This hit manufacturers of products like brick and cement especially hard, given their energy-intensive production process. Rising energy prices, felt particularly strongly in the UK, also hurt demand from downstream markets as people tightened their purse strings, making them less inclined to begin renovation projects. To tackle inflation, central banks across Europe have raised interest rates, driving up borrowing costs. As a result, demand for new housing and commercial construction projects has plummeted, which has put a dent in sales of cement, concrete and building plaster products. This coincided with inflated building material costs, which further weighed on revenue growth by hiking the cost of construction projects, putting potential investors off. Although inflationary pressures are easing, the industry continues to grapple with economic uncertainty due to persistently high interest rates, despite recent cuts. Furthermore, ongoing supply chain disruptions, like the impact of US tariffs on trade, are set to dampen economic and construction activity in 2025, limiting revenue growth. Concrete, cement and plaster product manufacturing revenue is slated to swell at a compound annual rate of 3.8% over the five years through 2030 to €197.9 billion, while profit is also set to edge upwards. In the medium term, an improving economic environment is set to aid demand for construction products as inflationary pressures subside and interest rates continue to fall, reducing the cost of borrowing. Manufacturers will increasingly capitalise on growing demand for sustainable construction products, supporting revenue growth, as these products typically demand a higher price. Additionally, product innovations are expected to continue accelerating as construction clients seek more efficient and precise techniques, such as 3D concrete building. This demand is likely to stimulate heightened industry innovation and competition.

In recent years, demand has been supported by policies intended to boost housing construction. Continued policy support, like the Help to Buy Scheme extension through March 2023, continued to boost demand from the residential construction market. Building plaster product manufacturers have also benefitted from the shift towards lightweight dry construction methods, aiding revenue growth. Demand for innovative building plastering products that are more insulating, sustainable, fire-resistant or lightweight has been robust, which has benefitted the industry. The Building Plaster Product Manufacturing industry's performance tends to align with conditions in the construction sector. Industry revenue is expected to contract at a compound annual rate of 2.5% over the five years through 2024-25 to £1.2 billion, including growth of 0.3% in the current year. Demand from construction markets has been subdued since the EU Referendum in 2016-17, which deterred investors from undergoing projects amid the uncertain outlook of the UK economy. The COVID-19 outbreak halted the construction sector, hitting demand for building plastering during lockdown restrictions. Despite the solid recovery in 2021-22 due to the gradual reopening of the economy, interest rate hikes to curb rampant inflation have ramped up the cost of borrowing, weighing on investment activity and hurting demand. In 2024-25, residential construction will be rebuilt slowly as inflation has cooled and interest rates were cut in August 2024. Over the five years through 2029-30, building plaster product manufacturing revenue is expected to grow at a compound annual rate of 3.7% to reach £1.4 billion. Government housebuilding initiatives, including the government's aim to build 1.5 million new properties by 2029-30, will bolster residential construction output as it will be easier to apply for planning permission, extending existing properties and giving local authorities more flexibility in allocating land for housing. As supply chains become more resilient in the post-pandemic environment, major manufacturers will be able to drive down purchase costs to maintain profitability.

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Modular Construction Market In Healthcare Sector Size 2024-2028

The modular construction market in healthcare sector size is forecast to increase by USD 10.86 billion at a CAGR of 16.4% between 2023 and 2028. In the healthcare sector, modular construction, also known as off-site or prefabricated building, is gaining significant traction due to its capabilities in delivering customizable facilities. The increase in demand for healthcare services and customizable healthcare construction solutions is driving market growth, as modular construction allows for greater flexibility in design and layout. However, challenges persist, including concerns over standardization and weather-related issues. These challenges can be addressed through advancements in technology and collaboration between stakeholders. Modular facilities offer numerous benefits for the healthcare industry, particularly in the areas of therapeutics, biosimilars, and vaccines production. As the industry continues to evolve, modular construction will play an increasingly important role in meeting the unique needs of healthcare providers.

What will be the Size of the Market During the Forecast Period?

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The healthcare sector is witnessing a significant shift towards modular construction, with prefabricated buildings becoming an increasingly popular choice for constructing various facilities. This construction method offers several advantages, including efficient production, operational maintenance, and flexibility in design and scalability. One of the primary drivers for the growth of the modular construction market in healthcare is the technological advances in the industry. These advances enable the production of high-quality, customized modules off-site, reducing the need for extensive on-site work and minimizing weather-related concerns.

However, the market is not without its challenges. Regulations play a crucial role in shaping the modular construction landscape, with stringent guidelines in place to ensure the safety and quality of healthcare facilities. Inflation and raw material prices can also impact the profitability of modular construction projects. supply chain disruptions are another challenge that the market faces. Logistics and transportation of modules can be complex, and any delays or issues can significantly impact the project timeline and budget. The millennial population's growing demand for personalized healthcare services is also driving the adoption of modular construction in the sector. Modular facilities offer the flexibility to design and build customized therapeutic spaces, biosimilars manufacturing units, and temporary vaccines production facilities.

Furthermore, the use of modular construction in the healthcare sector is not limited to permanent structures. Temporary modular buildings are increasingly being used for various applications, such as emergency response facilities, quarantine centers, and field hospitals. In conclusion, the modular construction market in the healthcare sector presents several opportunities and challenges. While the advantages of this construction method are clear, the industry must address the challenges of regulations, supply chain disruptions, and inflation to fully realize its potential. With continued technological advances and a growing demand for personalized healthcare services, modular construction is poised to play a significant role in shaping the future of healthcare infrastructure.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Permanent modular construction
  Temporary modular construction


Application

  Civil use
  Military use


Geography

  North America

    US


  Europe

    Germany


  Asia

    China
    Japan


  Rest of World (ROW)

By Type Insights

The permanent modular construction segment is estimated to witness significant growth during the forecast period. Permanent modular construction is revolutionizing the healthcare sector in the modular construction market by offering a more efficient solution compared to conventional masonry and blockwork methods. These systems utilize prefabricated panels and interlocking components that can be easily assembled on-site, making them suitable for both below and above-ground wall applications. The permanence of these structures eliminates the need for dismantling after construction, as concrete is poured directly into the formwork, resulting in a permanent structure and substantial time savings. The lightweight and adaptable design of permanent modular construction enables swift installation and construction processes. This approach not only expedites the building process but also decreases transporta

Brick & tile manufacturers have contended with a rapidly evolving landscape over recent years, as the government clamps down on carbon emissions and customers increasingly demand sustainable products. Economic conditions following the COVID-19 outbreak also presented challenges, ranging from supply chain disruptions, spiralling inflation and rising interest rates. Over the five years through 2024-25, industry revenue is anticipated to dip at a compound annual rate of 3.8% to £1.3 billion, including a forecast decline of 6.6% in 2024-25, when profit is estimated to reach 11%. In recent years, higher living costs have eaten into consumers’, business’ and the government’s pockets, hitting new demand for residential and commercial construction. The government provided support like the Help to Buy scheme, implemented in 2013, as well as funding the construction of 23,318 affordable homes in 2022-23. However, this wasn’t enough to jumpstart subdued residential and commercial construction activity from tight economic conditions in 2023-24. Despite interest rate cuts, construction activity is set to drop in 2024-25 as borrowing costs remain high and business confidence remains subdued. According to BCIS, new work output is forecast to fall by 4.7% in 2024. Manufacturers also contend with substitutes like steel, glass and concrete blocks, investing in significant R&D to remain competitive and introduce new value-added products to the market, like solar tiles. Brick and tile manufacturing revenue is projected to climb at a compound annual rate of 6.6% to £1.8 billion over the five years through 2029-30. Revenue growth is set to pick up in the coming years as interest rates come down and borrowing costs are lower, supporting investment activity. Commercial construction will also experience a resurgence, with companies bringing workers back to offices as businesses emphasise high-quality workspaces. However, conditions will remain precarious in the short term as higher interest rates and sticky inflation deter many developers from beginning projects. Manufacturers will look to find lucrative infrastructure projects, which often have sizeable budgets even amid a subdued economy. Advances in energy efficiency production and sustainable products will bolster the industry's relevance, boosting demand and providing niche markets for new entrants to capitalise on. Although this will weigh on profit in the short term as manufacturers pour money into R&D to remain competitive, the subsequent uptick in demand will offset this.

In 2023, the price of fabricated structural steel in the United Kingdom has fallen by over ** percent. That came after the cost of that building material soared between 2020 and 2022. Most of that price increase happened in 2021, with a growth rate of **** percent that year. Structural steel is widely used for construction because it is durable, malleable, and strong, while also being cheaper than many other metals. For example, it is often used as a structural material for skyscrapers and other buildings, as well as for infrastructure. Why has the price of steel increased? Those price increases seen until 2022 have not just affected the UK, but many other countries around the world. For example, the cost of fabricated structural metal in the U.S. and that of structural steel and other steel products in Germany reached their highest growth rate in 2022. Supply chain disruptions along with a decrease in the global production of crude steel in 2020 were some of the main reasons for those price hikes in 2021. In addition to that, the price of iron ore, which is the main component of steel, and energy also had a strong impact on the final price of steel products those years. Largest steel producers In the past couple of years, China was by far the largest steel producer in the world, with a production volume that was well over ***** times higher than that of the second country in the ranking: India. Although the United States was also on that list along with Japan and Russia, it was not among the leading exporters of steel. The reason for that discrepancy is that a big share of the production in countries of the size of the U.S., China, and India goes to fill their own domestic needs. Meanwhile, **** of the ** companies with the highest output of steel came from China, with the rest coming from Luxembourg, Japan, South Korea, India, and the U.S.

Revenue is expected to grow at a compound annual rate of 2.7% over the five years through 2025 to £47.9 billion, including estimated growth of 1.1% in 2025. The industry's revenue prospects are closely linked to economic cycles that influence construction activity in residential, commercial and infrastructure markets, which are crucial for manufacturers' income opportunities. In recent years, cement, lime and plaster manufacturers have faced several economic challenges, including high inflation, supply chain disruptions and aggressive interest rate hikes by central banks across Europe. These factors have substantially affected construction activity, dampening manufacturers' order books. Since COVID-19 hit, inflationary pressures have picked away at cement, lime and plaster manufacturers’ profitability. Rising prices were brought about by surges in demand amid the gradual reopening of the economy, coinciding with disruptions to supply chains. In 2022, inflation worsened, triggered by Russia’s invasion of Ukraine towards the start of the year, which compounded supply chain disruptions. Although proving less volatile than other building materials in 2022, cement prices picked up in 2023 despite falling energy costs, as cement is slower to react to market conditions than other building materials. The inflationary environment also resulted in central banks ramping up interest rates, raising the cost of borrowing and weighing on construction activity. Although inflationary pressures are beginning to ease, the industry still faces economic uncertainty as interest rates remain elevated despite recent reductions. Ongoing supply chain disruptions, exacerbated by US tariffs on trade, are anticipated to raise costs and hinder cement and plaster sales. Cement, lime and plaster manufacturing revenue is forecast to grow at a compound annual rate of 5.1% over the five years through 2030 to €61.3 billion. Construction activity is set to pick up as inflationary pressures subside, letting central banks lower interest rates, which will boost investor sentiment. Manufacturers will also be able to capitalise on the growing demand for sustainability, allowing them to exploit value-added opportunities. However, the R&D they’ll need to put into green products and processes will dent profitability in the short term, though will drive revenue growth over the long term.

The Stone Cutting, Shaping and Finishing industry relies on key downstream construction markets in both the residential and commercial segments, so it is susceptible to cyclical demand trends. Roofing and stone furnishings like flooring, tiling and worktops are common applications for stone, with finished stone products often used for both interior and exterior structural and decorative purposes. Peripheral projects, including the restoration of heritage sites or monuments, also bolster industry revenue. Stone cutting, shaping and finishing revenue is expected to fall at a compound annual rate of 1.8% over the five years through 2024-25 to £933.3 million, including an estimated hike of 1.9% in the current year. Prior to the COVID-19 outbreak, the stonecutting industry was growing moderately. A healthy awareness of and support for historic restoration and conservation aided demand for higher-value products. Strong residential construction activity, spurred by government initiatives, like the Help to Buy scheme, also supported demand for industry products and services until its end in May 2023. Yet, demand from the residential market has been limited as stone cutters have faced fierce external competition from substitute construction materials, like steel and concrete. In 2023-24, the industry was hit by a sharp downturn in construction activity, brought about by rising interest rates and rampant inflation deterring investment activity. While inflation has eased down in 2024-25, construction activity remains constrained, limiting demand for stone products. The stone cutting, shaping and finishing industry’s revenue is forecast to rise at a compound annual rate of 5.4% over the five years through 2029-30 to £1.2 billion. The construction sector is set to record a muted recovery in the second half of 2024-25 as inflationary pressures persist and interest rates remain elevated, hurting business confidence. Yet, ongoing policy support for the housing market will aid residential construction. Public sector investment in major infrastructure projects continues to support demand for finished building stone and stone furnishings. Innovation and technology will also begin to play a larger role as stone cutters look to differentiate themselves and improve the accuracy of their services.