Value of resi project starts plummet 27% year-on-year

The value of residential project starts dropped 27% compared to 2023, also falling back on the preceding three-month period, according to Glenigan’s latest data.

The overall value of underlying work starting on-site stood 21% lower than the same time a year ago.

In addition, non-residential project-starts fell back by a tenth on the preceding three months, also down 11% on a year ago.

Again, project-starts in general are down against the previous Index period and the previous year.

Health starts formed a bright spot, up 26% compared with 2023 levels.

Glenigan suggests that ongoing pressure on household budgets, coupled with economic uncertainty, continues to negatively affect consumer confidence.

This has led to unease among investors, significantly delaying project-starts across the UK, as they wait for stability to return.

Against this backdrop of socio-political disruption and a looming General Election, starts remain significantly lower than last year for a third consecutive month.

The data also highlights that the situation is unlikely to change in the short term, as the industry struggles to get back on its feet whilst being continuously battered by harsh headwinds.

Leave a comment