ONS data reveals tradesmen are in high demand
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ONS Data Reveals Tightening in Construction Labour Market Amid Wider Economic Loosening with job vacancies soaring in the sector which has in turn raised wages.
The latest labour market statistics from the Office for National Statistics (ONS) highlight a growing disparity between the construction sector and the broader economy. While the overall labour market shows signs of loosening, the construction industry is experiencing increasing demand for workers.
Construction job vacancies have surged by 14.9% over the past year, in contrast to a 14.4% decline in vacancies across the wider economy. The number of construction job openings now stands at 44% higher than pre-pandemic levels, underscoring the sustained demand for skilled workers in the sector.
Wage growth in construction has also seen a significant boost, with a further 4.2% increase reported. This rise reflects the industry’s ongoing efforts to attract talent amid labour shortages, as employers compete to fill critical roles in a thriving market.
As the construction sector continues to expand, these figures indicate a tightening labour market that contrasts sharply with the broader economic trend.
At the sector level, five out of the nine sectors grew in August 2024; the main contributors to the monthly increase were private housing new work and private commercial new work, which grew by 3.4% and 2.2%, respectively.
The increase in monthly output came from growth in new work (1.6%) as repair and maintenance fell by 1.0%.
This is good news for construction and those business supporting the industry with endured a very slow late 2023 and early 2024 with tradesmen and women reporting nerves in new and existing clients.
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