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The construction industry 鈥渞emains in recovery mode鈥� and will only grow at a 鈥渟low and steady pace in the medium term鈥�, according to the latest tender price forecast from Mace.

The firm鈥檚 cost consultancy arm cautioned 鈥渢hat optimism needs to be backed up by workloads鈥� and held its UK tender price inflation forecasts at 2% this year, 2.5% in 2015 and 3% in 2016.

In London, Mace forecasts remain at 3.5% tender price inflation for this year and 4% in both 2015 and 2016.

Demand is outstripping supply in some places 鈥� that may be why our competitors are predicting higher tender price inflation

Chris Goldthorpe, MACE

Mace - which upgraded its UK and London tender price forecasts in January - said it was sticking to its forecasts now in part because reduced UK inflation 鈥渉as helped keep tender price increases lower than they might otherwise have been鈥�.

Mace said that while contractors鈥� and consultants鈥� workloads and confidence had improved, it was still possible to 鈥渇ind a number of suitable contractors ready to offer keen prices to secure work鈥�, while 鈥渃ompetitive pressures on [consultants鈥橾 fees remain high鈥�.

Mace added: 鈥淭he recession of the past five years has already shown that the recovery period is significantly longer than that experienced in other modern recessions, and we expect this to continue to be the case.鈥�

The decision to hold its tender price inflation forecasts means Mace is forecasting the lowest inflation levels of any of its main competitors, including Sweett, Gleeds, EC Harris, Gardiner & Theobald, Turner & Townsend and Faithful+Gould.

Chris Goldthorpe, Mace鈥檚 head of cost consultancy, said: 鈥淒emand is outstripping supply in some places - that might be why some of our competitors are predicting higher tender price inflation [than us]. But all the fundamentals - like labour costs, commodity prices, oil prices and exchange rates - will rein in inflation.鈥�