The Pegasus Report #266

A word from Paul

Welcome to this week's Pegasus Report!

Last week saw the first Labour party budget in 14 years! It looks set to bring both opportunity and challenge for the construction industry. With new funding initiatives, tax adjustments, and green incentives, the sector faces potential growth but also needs to navigate evolving financial landscapes. Read the industrys reactions below....

Could the Budget signal a rebuilding of the construction industry?

During and following the pandemic, the construction industry was hit by a perfect storm of factors that it is struggling to bounce back from. In fact, 2024 has seen 4,310 UK construction firms become insolvent, according to Building Cost Information Service figures up to the end of August. This is a 1.1 per cent increase compared with August 2023, and a 33.9 per cent increase on the pre-pandemic 2019 figures. Read more

Construction firms blast “true cost of Budget”

Construction companies have been venting their frustration to the Enquirer in the wake of Rachel Reeve’s first Budget. The usual stock statements were put out by major contractors and trade bodies this week following a raft of tax hikes. But many subcontractors and suppliers have been left quietly fuming by the government’s actions – particularly the rise in employers’ National Insurance rates. Read more

‘It’s mixed news for construction’: industry reacts to autumn budget

Reeves said the government will raise taxes by ￡40bn, including an increase in national insurance contributions for employers from April – news that has not landed well in the construction industry. Read more

Construction to grow 2.5% next year

Construction forecasters are expecting the industry to rebound next year after a tough 18 months. Read more

Debt rule change to salvage infrastructure spending plans

Chancellor Rachel Reeves has confirmed the Government will make a technical change to the way debt is measured to release billions to boost infrastructure investment. Read more

Six ways good clients benefit the built environment

The best clients in the built environment do more than deliver on time and to budget; they also address economic, ethical and environmental challenges, writes Claire Handby FCIOB. Read more

French PM and cost consultant Artelia buys Pick Everard

French project management and cost consultant Artelia has bought long-established UK multi-disciplinary consultant Pick Everard. Read more

Vinci Construction acquires FM Conway

FM Conway, which has been acquired by Vinci Construction for an undisclosed amount, generated an annual turnover of ￡580m in 2024 Read more

Why construction needs a common data environment

The construction industry currently operates under a maze of proprietary data, hindering productivity and profitability. Contractors should not have to run multiple pieces of software just to be able to read that data. Read more

Embracing cloud-based technologies in infrastructure post-Covid and ‘never looking back’

Covid saw us explore new cloud-based technologies and we’ve never looked back, says specialist engineering consultant Read more

Construction progresses on 400m high, 400m wide and 400m long cube in Riyadh

10 million cubic meters of earth has been moved, marking 86% of excavation work has been completed at the Mukaab development, a planned 400m high, 400m wide and 400m long cube-shaped structure in Riyadh, Saudi Arabia, which will become one of the world’s largest buildings and the tallest in the city. Read more

Neom opens first luxury tourism spot at Sindalah island

Saudi Arabia has announced the completion of the first project of its Neom programme: the 840,000 sq m island destination of Sindalah. Read more

Green light for Denmark’s biggest offshore wind farm

The Danish Energy Agency has approved construction for German utility RWE’s 1.1GW Thor offshore wind farm, clearing the way for work to start in the spring. Read more

Icelandic exhibit to explore the use of (cooled) lava in sustainable building

Iceland’s pavilion at next year’s Venice Bienniale is to showcase a “Lavaforming” exhibit. This will be designed by Arnhildur Pálmadóttir of S.AP architects, and will demonstrate how controlled lava flows can create sustainable buildings. Read more

Six towns and cities to pilot clean heat networks

Six towns and cities have been selected to develop the country’s first heat network zones. The selected places will now draw up plans to recycle excess heat – generated for example by data centres or from factories – to enable the heating of surrounding buildings. Read more

Transport for London is seeking a solar contractor

Transport for London (TfL) is seeking a company to build solar developments to make the London Underground more sustainable. Read more

￡225M investment in Teesside renewables industry

One of the world’s largest offshore wind technology factories will become even bigger after new government support for a South Korean investor. Read more

‘Modern professionalism is central to changing construction culture’

CIOB convened a panel of construction clients, contractors and other influential figures to discuss the role of ‘modern professionalism’ in a changing industry. Read more

Will AI make work burnout worse?

When ChatGPT burst onto the scene in late 2022, PR agency founder Anurag Garg was eager for his team of 11 to quickly incorporate the technology in their workflow, so the business could keep up with its competitors. Read more

5 brainhacks that can alleviate stress, according to a biopsychologist

In his first inaugural address, Franklin D. Roosevelt famously said, “The only thing we have to fear is fear itself.” While he was trying to convey that fear can hold you back from accomplishing great things, the state of fear arousal shouldn’t be feared. In fact, it can be your ally, says biopsychologist Mary Poffenroth. Read more

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Until next week...

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