Building materials made of copper had some of the highest price growth rates in the U.S. in December 2024 in comparison to the previous year. The growth rate of the cost of many construction materials was much lower than in 2023. 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 the inflation trends in the U.S. at that time, the price growth rate of construction materials in the UK were generally lower 2023 than in 2022. Nevertheless, the cost of some construction materials in the UK still soared that year, with several of those items reaching price growth rates of over 10 or even of over 14 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.

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.

Between 2022 and 2024, the construction price of residential and non-residential buildings in Canada has grown at the same pace. The price of both types of buildings was roughly six percent higher in the last quarter of 2024 than in 2023, which is the year when the index base was set at 100. Nevertheless, that only considers the cost of buildings in 15 selected metropolitan areas in Canada. Toronto was by far the metropolitan region with the highest construction costs in Canada.

What determines construction costs? The growth rate of the construction price of different types of buildings tends to follow similar trends to some extent. For example, price growth rates in Canada for most types of buildings were more moderate in 2023 than in previous years. However, those figures show a lot of disparity, with the cost of building a high rise apartment building growing much faster than that of other types of buildings. This might be because the construction costs depend on elements such as the location, materials, and complexity of the building, which tend to be quite different for each type of building.

Lumber building materials in Canada In 2023, Canada was the world’s second-largest exporter of wood building materials such as veneer sheets, parquet flooring, particleboard, laminated wood, and builders’ joinery and carpentry. Forestry, logging, and processing wood into ready-to-use materials are important industries in the Canadian economy. High price growth rates of building materials impact negatively the construction industry as their activities become more expensive. However, the forestry and logging industry benefited from the cost of lumber rising in 2020 and 2021. In the past years, the price of lumber, however, has fallen again.

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US Residential Construction Market Size 2025-2029

The residential construction market size in the US is forecast to increase by USD 242.9 million at a CAGR of 4.5% between 2024 and 2029.

The residential construction market is experiencing significant growth, driven by several key factors. Firstly, the increasing household formation rates in the US continue to fuel demand for new housing units. Secondly, there is a rising focus on sustainability in residential construction projects, with homebuilders increasingly adopting energy-efficient and eco-friendly building materials and practices.
However, the market also faces challenges, including a shortage of skilled labor for large-scale residential real estate projects, which can impact project timelines and budgets. These trends and challenges are shaping the future of the residential construction industry in the US.

What will be the US Residential Construction Market Size During the Forecast Period?

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The residential construction market is experiencing a significant shift as the affordable housing trend gains momentum. The Federal Reserve's decision to keep the federal funds rate low has contributed to a decrease in mortgage rates, making it an opportune time for home buyers to enter the market. However, the housing supply remains a concern, with construction spending in the residential investment sector showing only modest growth. The labor market's current state is another factor influencing the residential construction industry. With a low unemployment rate, there is a high demand for labor, leading to increased wages and, in turn, higher construction costs.
Inflation also poses a challenge, as it erodes the purchasing power of home buyers and builders alike. The economy's overall health plays a crucial role in the residential construction market's dynamics. A strong economy typically leads to increased demand for new homes, as evidenced by the double-digit growth in housing starts and building permits for single-family homes. However, a recession can lead to a significant decrease in construction activity, as seen in the cancellation rate of housing projects. The Federal Reserve's interest rate decisions, inflation, and the economy's health all impact the residential construction market. Affordable housing programs, such as housing choice vouchers and fair housing programs, play a vital role in ensuring access to housing for a broader population. The construction sectors must navigate these market dynamics to remain competitive and meet the demand for new homes.
The US residential construction market is seeing significant shifts, driven by various housing market trends. Sustainable homebuilding practices are gaining momentum, with a focus on energy-efficient homes and green building materials. Modular construction and prefab housing are becoming increasingly popular for their cost-effective and timely solutions. Urban redevelopment projects are revitalizing city areas, while suburban expansion is fueling demand for new homes. Affordable housing projects are crucial in addressing housing shortages, and real estate investment continues to thrive in these sectors. Smart home integration is also on the rise, with luxury home construction embracing high-tech features. The impact of mortgage rates, coupled with multifamily housing growth and home renovation demand, adds complexity to the market's dynamics.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Apartments and condominiums
  Villas
  Other types


Type

  New construction
  Renovation


Application

  Single family
  Multi-family


Geography

  US

By Product Insights

The apartments and condominiums segment is estimated to witness significant growth during the forecast period.

The residential construction market in the US is experiencing growth in the apartment and condominium sectors, driven by shifting preferences and lifestyle choices. Urbanization is a significant factor fueling this trend, as more individuals opt for the conveniences and amenities offered in urban areas. As a result, developers are constructing modern, sustainable, and community-focused living spaces in the form of high-rise apartment buildings and condominium complexes. These structures cater to various demographics, including intergenerational groups and younger generations, reflecting diverse living circumstances. The labor economy and vaccination rates have also contributed to the continued activity in the residential sector, allowing for steady progress in construction projects. While the non-residential sector has faced challenges, the residential sector remains a vi

In November 2024, the average weekly salary and bonuses of construction workers in the United Kingdom (UK) reached 794 British pounds. This was higher than the salary in the same period of the previous year. The number of construction job vacancies in the UK in that quarter had an even sharper decline.

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Turkey Construction Market Size 2024-2028

The Turkey construction market size is forecast to increase by USD 68.3 billion, at a CAGR of 5.96% between 2023 and 2028.

The market is experiencing significant growth, driven by the increasing demand for urbanization and housing in major cities such as Ankara and Afyonkarahisar. This trend is further fueled by the focus on improving urban infrastructure, including the expansion of airports. 
The economic prospects of the country are also contributing to the growth of the construction sector, as investments in education, healthcare, and enhancing quality of life become priorities. However, the rising cost of construction materials poses a challenge for market participants. Despite this, the market remains a promising area for investment, offering potential returns for businesses involved in residential and commercial projects.

Market Analysis

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Turkey construction market has been a significant contributor to the country's economic growth, with residential and commercial sectors playing pivotal roles. The industry's resilience is evident in its ability to adapt to various market conditions and global trends. The construction sector's linkages with other sectors, such as education, healthcare, and urban infrastructure development, are essential for improving the quality of life and enhancing the overall economic prospects of the country. In recent years, Turkey has shown a strong commitment to sustainable development, with renewable energy becoming an increasingly important focus. The Turkish government's efforts to reduce greenhouse gas emissions and adhere to the Organisation for Economic Co-operation and Development (OECD) standards have led to a rise in the adoption of renewable energy sources.
In addition, the Construction Industry Development Board of Turkey (CBRT) has been instrumental in promoting the use of green technologies and materials in the construction sector. The construction industry's impact on Turkey's Gross Domestic Product (GDP) is substantial. According to the OECD, the sector accounted for approximately 6% of Turkey's GDP in 2020. The sector's contribution to the economy is expected to continue, with the demand for housing and urban infrastructure projects remaining strong. Mortgage loans have been a crucial financing instrument for the residential sector. The availability of affordable mortgage loans has led to a rise in demand for housing, contributing to urbanization and population growth.

Market Segmentation

The Turkey construction 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.

Sector

  Private
  Public


End-user

  Residential
  Infrastructure
  Commercial


Geography

  Turkey

By Sector Insights

The private segment is estimated to witness significant growth during the forecast period.The private construction sector in Turkey plays a pivotal role in the country's development, particularly in urban areas such as Afyonkarahisar, Ankara, and Izmir. The private sector's impact extends beyond infrastructure, with a focus on residential housing and urbanization. This investment in housing and urban infrastructure enhances economic prospects, creating jobs and driving growth. Additionally, the private sector's involvement in education and healthcare projects improves the quality of life for Turkish citizens. The construction sector's continued expansion in Turkey is a testament to its importance in the country's overall economic growth.

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The private segment accounted for USD 125.60 billion in 2018 and showed a gradual increase during the forecast period.

Market Dynamics

The commercial sector has also seen significant investment, with a focus on modernizing and expanding existing infrastructure. The construction sector's macroeconomic stability is influenced by various factors, including inflation, materials cost, and labor cost. The sector's ability to manage these factors effectively is crucial for maintaining competitiveness and ensuring sustainable growth. The Turkish railway network is undergoing significant expansion, with the government investing heavily in modernizing and expanding the network. This investment is expected to boost economic growth by improving connectivity and reducing transportation costs. The construction sector's growth is not without challenges, however. Earthquakes pose a significant risk to the sector, with Turkey situated in a seismically active region.

Turkey construction market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companie

Demand for construction supplies largely depends on activity in downstream residential and non-residential construction markets, which depend on factors like exchange rates, supply chain disruptions and trading frictions. Construction supplies and equipment wholesalers across Europe have contended with numerous headwinds from the COVID-19 outbreak in 2020 to spiralling inflation and rock-bottom business confidence. Industry revenue is forecast to tumble at a compound annual rate of 4.1% over the five years through 2024 to €701.5 billion, including an estimated 4.4% drop in 2024, while the average industry profit margin is expected to edge downward to 5%. In 2021, demand for construction materials and equipment plummeted as the COVID-19 outbreak brought the downstream construction sector to a standstill. Despite lockdown measures gradually phasing out through 2022, construction supply wholesalers faced severe cost pressures amid supply chain disruptions, squeezing the average industry profit margin. In 2023, bleak economic conditions in the form of rising interest rates and subdued growth have put off many businesses from undergoing investment projects, hitting demand for construction supplies and equipment. Construction Materials, Equipment & Supplies Wholesaling revenue is forecast to climb at a compound annual rate of 2.1% over the five years through 2029 to reach €780.2 billion, while the average industry profit margin is expected to reach 5.2%. Construction activity is expected to pick up over the coming years, inflation cools, and interest rates start to edge downwards despite lingering uncertainty in the short term as the effects of interest rate hikes and low business sentiment hit demand. Construction wholesalers will continue to focus on offering eco-friendly and sustainable construction materials in the coming years, supporting revenue growth.

The producer price of construction machinery and equipment has increased by over 2.9 percent in 2024 in comparison to the previous year. Since 2005, the cost of construction equipment has been increasing every year to a larger or lesser extent. Nevertheless, that price growth rate has fluctuated a lot.

The global Waterproofing Admixtures market was valued at USD 4.25 billion in 2022 and is projected to reach USD 7.41 billion by 2030, registering a CAGR of 7.2 % for the forecast period 2023-2030. Factors Affecting Waterproofing Admixture Market Growth

Expansion in the building and construction sector:

The market for waterproofing admixture to the construction sector is fueled by urbanization, industrialization, a growing population, and net income. The rise in construction projects like infrastructure development, industrial units, and residential project, rises the demand for waterproofing admixtures. Infrastructure development like bridges, airports, roads, and railways, stimulates the growth of the construction industry and expands the waterproofing admixtures market. Waterproofing admixtures play a vital role in ensuring the durability, and quality of construction materials. Increasing R&D activities witnessing the market's growth due to the rise in the use of advanced composition materials, and the adoption of high-performance concrete. Urbanization and population growth led to increasing residential housing and infrastructure projects. As well as the renovation of existing projects also increases, expanding the waterproofing admixtures market. Moreover, focus on sustainable construction structure, propel the market’s growth.

The Restraining Factor of Waterproofing Admixture:

High Inflation Rate:

The high inflation rate increases the manufacturing cost of construction materials and decreases the demand for waterproofing admixture. As per a news release in economics times, construction costs have risen by 28% and the cost of construction chemicals by 32% since the pre-pandemic level, which may decline the demand for construction materials and hence waterproofing admixture. Due to inflation, there is an increase in the prices of raw materials like Bitumen, Mineral Oil, Fatty acid, Fine Wax, Fine Wax Emulsion, and Silanes used in the manufacturing of waterproofing admixture, which may hamper the growth of the waterproofing admixture market. The increasing cost of production increases the price of a material projected to hinder the development of the waterproofing admixture market.

Impact of the COVID-19 Pandemic on the Waterproofing Admixtures Market:

The COVID-19 pandemic had a significant impact on the Waterproofing Admixture sector. Outbreaks of the coronavirus (COVID-19) have significantly disrupted the economy and impacted businesses, homes, financial institutions, industrial organizations, and infrastructure firms leading to a decline in Waterproofing Admixtures. Migrant construction workers during a pandemic, resumed construction projects resulting in a decline in the demand for waterproofing admixture. Construction operations have been progressively impacted by the pandemic and its disruption of global supply chains, including a lack of employees, contractors, and subcontractors as well as raw materials and other input material. As a result, the pandemic led to temporary shutdowns and disruptions in construction projects resulting in lower demand for Waterproofing Admixture. Additionally, Economic uncertainty reduced investment in construction, resulting in a decline in demand for Waterproofing Admixtures. As the world begins to recover from the pandemic, the construction industry is gradually returning to normalcy. Residential and commercial projects have resumed, and consumer demand is hiking up. Therefore, the demand for Waterproofing Admixture recovers and potentially grows as the construction industry rebounds. Improving infrastructure increases the demand for waterproofing admixture. Introduction of Waterproofing Admixture

Waterproofing admixtures are porous substances that absorb water and water-borne contaminants. Hydrophobic and pore-blocking chemicals react with cement hydration byproducts to create a hydrophobic compound that resists external water and reduces absorption into the concrete. Waterproofing admixture shields buildings against deterioration. They extend durability and lower maintenance expenses. Different admixtures are used for a structure's various components, such as the basement, walls, or roof, as well as for various geographic regions, structural purposes, and climatic circumstances. It is widely used in construction and infrastructure development. Robust expansion in the building and construction sector...

The price of cement in 2000 varied depending on factors such as location, type, and demand. This article explains the reasons behind the fluctuations in cement prices and how it was influenced by economic conditions, market forces, transportation costs, production capacity, and import/export regulations. It also mentions the impact of increased demand due to construction projects and the fluctuations in raw material prices. Inflation and changes in the cost of energy and labor also influenced cement prices.

In 2023, the cost of work in the construction sector in the United Kingdom (UK) represented around 58 percent of that industry's income. This measure, also known as labor share of income, has fallen significantly in 2022 and 2023. The relative cost of staff peaked in 2009, when it represented approximately 73 percent of the construction income. Two key factors can affect these figures: the evolution of construction salaries in the UK and the overall income of the industry. In times of inflation, a decline in the labor share of income could signal that the cost of work has increased at a slower pace than construction prices.

Explore the complex factors influencing timber wood prices, from demand and supply dynamics to economic conditions and international trade policies. Understand how construction industry trends, environmental regulations, and inflation contribute to market fluctuations, with insights into the impact of natural disasters and trade agreements on timber costs.

Europe's Precious and Non-Ferrous Metal Manufacturing industry has had a volatile run recently, heavily impacted by fluctuating metal prices and the far-reaching effects of COVID-19. A significant presence scattered across the continent, including Germany, France, Italy, and Eastern Europe, ensures a highly competitive market. However, it's also laden with challenges due to growing imports from cost-effective Asian countries, primarily China. The high volatility in metal prices, coupled with a drop in demand from various sectors during COVID-19 and recent inflationary pressures, have weighed on industry revenue. Revenue is projected to contract at a compound annual rate of 6.5% to €210 billion over the five years through 2024. The easing of restrictions and the rebound in economic activity brought a surge in demand for metals from downstream manufacturing industries and construction in 2021. But soaring inflation in 2022, coupled with the energy crisis triggered by the Russia-Ukraine conflict, disrupted manufacturers heavily by severely raising production costs. Even though gold prices remained high due to ongoing uncertainty, reduced demand adversely affected most non-ferrous metals. Metal price fluctuations and intense competition, including cheap imports from China, have constrained profit. Looking forward, demand from car manufacturers and the boom in electric vehicles (EVs) should bolster growth prospects. The rising use of aluminium and copper in EVs offers opportunities for non-ferrous metal manufacturers. Expanding construction sector across Europe will also fuel demand for non-ferrous metals. However, fluctuating metal prices and competition from Asian, primarily Chinese, imports could dampen growth to some extent. Sustainability will be a significant factor shaping the industry's trajectory. European manufacturers will need to align with the push for a circular economy and focus on reducing CO2 emissions through modernised processes and recycling practices. Revenue is forecast to expand at a compound annual rate of 3.5% to €248.9 billion over the five years through 2029.

Europe's Precious and Non-Ferrous Metal Manufacturing industry has had a volatile run recently, heavily impacted by fluctuating metal prices and the far-reaching effects of COVID-19. A significant presence scattered across the continent, including Germany, France, Italy, and Eastern Europe, ensures a highly competitive market. However, it's also laden with challenges due to growing imports from cost-effective Asian countries, primarily China. The high volatility in metal prices, coupled with a drop in demand from various sectors during COVID-19 and recent inflationary pressures, have weighed on industry revenue. Revenue is projected to contract at a compound annual rate of 6.5% to €210 billion over the five years through 2024. The easing of restrictions and the rebound in economic activity brought a surge in demand for metals from downstream manufacturing industries and construction in 2021. But soaring inflation in 2022, coupled with the energy crisis triggered by the Russia-Ukraine conflict, disrupted manufacturers heavily by severely raising production costs. Even though gold prices remained high due to ongoing uncertainty, reduced demand adversely affected most non-ferrous metals. Metal price fluctuations and intense competition, including cheap imports from China, have constrained profit. Looking forward, demand from car manufacturers and the boom in electric vehicles (EVs) should bolster growth prospects. The rising use of aluminium and copper in EVs offers opportunities for non-ferrous metal manufacturers. Expanding construction sector across Europe will also fuel demand for non-ferrous metals. However, fluctuating metal prices and competition from Asian, primarily Chinese, imports could dampen growth to some extent. Sustainability will be a significant factor shaping the industry's trajectory. European manufacturers will need to align with the push for a circular economy and focus on reducing CO2 emissions through modernised processes and recycling practices. Revenue is forecast to expand at a compound annual rate of 3.5% to €248.9 billion over the five years through 2029.

Europe's Precious and Non-Ferrous Metal Manufacturing industry has had a volatile run recently, heavily impacted by fluctuating metal prices and the far-reaching effects of COVID-19. A significant presence scattered across the continent, including Germany, France, Italy, and Eastern Europe, ensures a highly competitive market. However, it's also laden with challenges due to growing imports from cost-effective Asian countries, primarily China. The high volatility in metal prices, coupled with a drop in demand from various sectors during COVID-19 and recent inflationary pressures, have weighed on industry revenue. Revenue is projected to contract at a compound annual rate of 6.5% to €210 billion over the five years through 2024. The easing of restrictions and the rebound in economic activity brought a surge in demand for metals from downstream manufacturing industries and construction in 2021. But soaring inflation in 2022, coupled with the energy crisis triggered by the Russia-Ukraine conflict, disrupted manufacturers heavily by severely raising production costs. Even though gold prices remained high due to ongoing uncertainty, reduced demand adversely affected most non-ferrous metals. Metal price fluctuations and intense competition, including cheap imports from China, have constrained profit. Looking forward, demand from car manufacturers and the boom in electric vehicles (EVs) should bolster growth prospects. The rising use of aluminium and copper in EVs offers opportunities for non-ferrous metal manufacturers. Expanding construction sector across Europe will also fuel demand for non-ferrous metals. However, fluctuating metal prices and competition from Asian, primarily Chinese, imports could dampen growth to some extent. Sustainability will be a significant factor shaping the industry's trajectory. European manufacturers will need to align with the push for a circular economy and focus on reducing CO2 emissions through modernised processes and recycling practices. Revenue is forecast to expand at a compound annual rate of 3.5% to €248.9 billion over the five years through 2029.

Europe's Precious and Non-Ferrous Metal Manufacturing industry has had a volatile run recently, heavily impacted by fluctuating metal prices and the far-reaching effects of COVID-19. A significant presence scattered across the continent, including Germany, France, Italy, and Eastern Europe, ensures a highly competitive market. However, it's also laden with challenges due to growing imports from cost-effective Asian countries, primarily China. The high volatility in metal prices, coupled with a drop in demand from various sectors during COVID-19 and recent inflationary pressures, have weighed on industry revenue. Revenue is projected to contract at a compound annual rate of 6.5% to €210 billion over the five years through 2024. The easing of restrictions and the rebound in economic activity brought a surge in demand for metals from downstream manufacturing industries and construction in 2021. But soaring inflation in 2022, coupled with the energy crisis triggered by the Russia-Ukraine conflict, disrupted manufacturers heavily by severely raising production costs. Even though gold prices remained high due to ongoing uncertainty, reduced demand adversely affected most non-ferrous metals. Metal price fluctuations and intense competition, including cheap imports from China, have constrained profit. Looking forward, demand from car manufacturers and the boom in electric vehicles (EVs) should bolster growth prospects. The rising use of aluminium and copper in EVs offers opportunities for non-ferrous metal manufacturers. Expanding construction sector across Europe will also fuel demand for non-ferrous metals. However, fluctuating metal prices and competition from Asian, primarily Chinese, imports could dampen growth to some extent. Sustainability will be a significant factor shaping the industry's trajectory. European manufacturers will need to align with the push for a circular economy and focus on reducing CO2 emissions through modernised processes and recycling practices. Revenue is forecast to expand at a compound annual rate of 3.5% to €248.9 billion over the five years through 2029.

Europe's Precious and Non-Ferrous Metal Manufacturing industry has had a volatile run recently, heavily impacted by fluctuating metal prices and the far-reaching effects of COVID-19. A significant presence scattered across the continent, including Germany, France, Italy, and Eastern Europe, ensures a highly competitive market. However, it's also laden with challenges due to growing imports from cost-effective Asian countries, primarily China. The high volatility in metal prices, coupled with a drop in demand from various sectors during COVID-19 and recent inflationary pressures, have weighed on industry revenue. Revenue is projected to contract at a compound annual rate of 6.5% to €210 billion over the five years through 2024. The easing of restrictions and the rebound in economic activity brought a surge in demand for metals from downstream manufacturing industries and construction in 2021. But soaring inflation in 2022, coupled with the energy crisis triggered by the Russia-Ukraine conflict, disrupted manufacturers heavily by severely raising production costs. Even though gold prices remained high due to ongoing uncertainty, reduced demand adversely affected most non-ferrous metals. Metal price fluctuations and intense competition, including cheap imports from China, have constrained profit. Looking forward, demand from car manufacturers and the boom in electric vehicles (EVs) should bolster growth prospects. The rising use of aluminium and copper in EVs offers opportunities for non-ferrous metal manufacturers. Expanding construction sector across Europe will also fuel demand for non-ferrous metals. However, fluctuating metal prices and competition from Asian, primarily Chinese, imports could dampen growth to some extent. Sustainability will be a significant factor shaping the industry's trajectory. European manufacturers will need to align with the push for a circular economy and focus on reducing CO2 emissions through modernised processes and recycling practices. Revenue is forecast to expand at a compound annual rate of 3.5% to €248.9 billion over the five years through 2029.

In 2023, the price of fabricated structural steel in the United Kingdom has fallen by over 20 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 52.6 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 seven 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, nine of the 15 companies with the highest output of steel came from China, with the rest coming from Luxembourg, Japan, South Korea, India, and the U.S.

Retail residential electricity prices in the United States have mostly risen over the last decades. In 2023, prices registered a year-over-year growth of 6.3 percent, the highest growth registered since the beginning of the century. Residential prices are projected to continue to grow by two percent in 2024. Drivers of electricity price growth The price of electricity is partially dependent on the various energy sources used for generation, such as coal, gas, oil, renewable energy, or nuclear. In the U.S., electricity prices are highly connected to natural gas prices. As the commodity is exposed to international markets that pay a higher rate, U.S. prices are also expected to rise, as it has been witnessed during the energy crisis in 2022. Electricity demand is also expected to increase, especially in regions that will likely require more heating or cooling as climate change impacts progress, driving up electricity prices. Which states pay the most for electricity? Electricity prices can vary greatly depending on both state and region. Hawaii has the highest electricity prices in the U.S., at roughly 43 U.S. cents per kilowatt-hour as of May 2023, due to the high costs of crude oil used to fuel the state’s electricity. In comparison, Idaho has one of the lowest retail rates. Much of the state’s energy is generated from hydroelectricity, which requires virtually no fuel. In addition, construction costs can be spread out over decades.