To collate a set of phrases which best encapsulate 2023, from a
construction sector perspective, such a 'bucket' would
include cost inflation, supplier stress, access to skilled labour,
energy performance and stranded assets. We take a closer look at
the key trends in the construction arena throughout 2023 here.
The first half of 2023 saw a steady increase in commercial
building followed by a drop in Q3. There is some stability in cost
inflation but cost and material inflation remain a stubborn red
flag item. Notwithstanding this, the outlook is positive and
optimistic. This is demonstrated in CIFs latest Outlook Survey,
with over half of the construction companies surveyed feeling
positive about the health of the sector heading into Q4 and only
11% feeling pessimistic. Respondents observed an increase in
housebuilding, civil and general construction, with some
respondents also identifying a healthier pipeline of work they
expect to merge by Q2 of 2024. Further, the
