US mineral supply chains became more exposed in 2025, with the USGS reporting 100% import reliance for 16 of 90 tracked non-fuel commodities and more than 50% reliance for 54 minerals, up from 15 and 46 respectively in 2024. The US is totally dependent on imports of arsenic, natural graphite, manganese, niobium, tantalum, titanium sponge and 10 other minerals, with China supplying nearly half of arsenic and graphite, 55% of antimony and 70% of rare earths. In response, the Trump administration has proposed a $12 billion critical minerals stockpile and a JD Vance-led allied trade bloc, while industry warns US mine permitting still averages 29 years.

The UK Treasury has issued a slimmed‑down Green Book, revising the appraisal rules that govern billions of pounds of public investment in transport, flood defences and other major infrastructure. The update is intended to give “overlooked” regions a stronger case in cost‑benefit analysis by rebalancing how wider economic impacts, distributional effects and place‑based regeneration are valued alongside pure benefit–cost ratios. Civil and geotechnical schemes in lower‑income or lower‑productivity areas could now score better in business cases for road upgrades, rail links and resilience works.

Profit warnings from FTSE Construction & Materials companies more than trebled in 2025, rising to 18 from five in 2024, with 33% of listed firms issuing at least one warning – the highest level since the 33 alerts seen in 2020. EY-Parthenon attributes 50% of these warnings to contract and order cancellations or delays, with policy change and geopolitical uncertainty cited in 28% and rising costs in 17%. Increasing regulatory complexity around the Building Safety Act, legacy liabilities and labour shortages are eroding margins and straining working capital across project supply chains.