Tender price forecast
“Across multiple sectors, we note delays in the period between tender return and client decisions to proceed.”
Turner & Townsend survey respondent
The tendering market shows signs of stabilisation in Q3 2024. According to our survey, material costs have increased marginally over the past three months. Labour costs have also seen a marginal increase, as indicated by contractor perceptions when looking back over the past quarter.
Tender price inflation as of Autumn 2024
0.3%
2024
0.6%
2025
0.8%
2026
0.5%
2027
Source: Turner & Townsend survey
The forecast for tender price inflation reflects these market conditions. Contractors expect tender price inflation of 3.3, 3.6, 2.8 and 2.7 percent in 2024, 2025, 2026 and 2027, respectively.
“Currently there are a lot of public tenders in the market, but the upcoming election may have a bearing here.”
