Surging labour costs push tender price forecast up

Mace has revised its tender price forecast up for the year due to surging labour costs.
Recent data reveals that construction vacancies have surged to their highest level in 18 months, leading to persistent labour shortages.
In the final quarter of 2024, labour costs rose by 1.6%, marking a 6.5% year-on-year increase.
Construction pay is now rising faster than in all but one other industry sector and is growing at its second highest rate since coming out of the pandemic.
Mace warns that higher e