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Economic slowdown prompts reduction in construction costs

Construction costs in the UK have decreased over the past 12 months, making the UK a cheaper place to build than countries such as Qatar and New Zealand, according to this year’s International Construction Costs Reportreleased today by consultant EC Harris.

The annual study, which benchmarks building costs in 53 countries, found the UK has the 15th highest construction costs globally, and the seventh highest in Europe.

Overall, construction costs emerged as a reliable bellwether for global economic trends, with costs going down in the economically challenged European countries, and increasing in markets that have been less impacted by the global recession, such as Canada, Australia and Qatar.

The study also looked at the impact of the economic slowdown on the UK construction industry’s ability to deliver major projects once the market eventually picks up, and reported growing concern about the capability of the industry to deliver future programmes of work.

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