Market forecast: Why firms will feel the pressure in 2024


As we head into the new year, input costs are levelling off – in terms of materials at least – but as new orders become patchier, market competition is rising

01 / Summary

Tender price index

Tender prices increased by just over 6% in the 12 months to Q3 2023. Price inflation trends remain elevated by historical measures, but the rate of change is now clearly slowing.

Building cost index ▲

A composite measure of building input costs rose by 1.7% in the year to November 2023. Some materials components of the index are deflationary, but construction labour rates are still rising relatively strongly.

Consumer prices index

The consumer prices index slowed to 4.6% in the 12 months to October 2023. This is still more than double the target rate of 2%.

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