New builds are taking a greater share of construction activity in the UK and Ireland, analysis from chain management firm Once For All has found.
New build projects accounted for over £360bn since 2018-19, representing 74% of total construction value.
The value of new build projects have risen by 16.75% in the past two financial years.
At the same time extension projects have declined by -29.29%, while alteration and conversion works have ticked down by -0.66%.
Once For All therefore concluded that capital is being reserved for fewer, lager and more complex projects.
Andy Preston, head of marketplace at Once For All, said: “What this data shows is not a lack of ambition or confidence in construction, but a market that is becoming more selective.
“Fewer projects are coming forward, yet the scale and complexity of the work that is being funded is increasing.
“That makes understanding regional dynamics and where capital is really flowing essential for planning and resilience.”
London and Middlesex remain the dominant construction hub, recording £134.6bn across 8,188 projects.
However, the West Midlands and North West consistently rank among the top three regions for both project value and volume, which the research said underlines their importance as key centres of activity beyond the capital.
Andrew Spencer, group supply chain and procurement director at Galliford Try, added: “There is still a significant pipeline of work in the UK, but getting schemes started and funded is increasingly complex.
“Long-term visibility and strong alignment across the supply chain are critical if we are to deliver high-quality outcomes and support resilient growth.”