Contractors seeking work on the growing schools and universities building programme look set for another good year in 2024 as government spending on the education sector continues to rise.
After an increase of more than a fifth in the value of underlying education project starts this year, the new ‘Glenigan Construction Forecast 2024-25’ is predicting a further 13% rise in 2024, generating work worth some £5.82 billion.
The sector is benefitting from some generous increases in the Department for Education’s capital spending. Funding increased by 26% in 2022/23 and is set to grow by a further 19% in the current financial year, which should mean planned departmental capital spending of around £7.0 billion.
This in turn has translated into a 24% rise in school building projects this year – partly to meet the growing number of secondary school pupils – with a further 18% forecast for 2024.