Self employed trades wages hit record high
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Labour rates for self-employed tradespeople hit a new peak last month, averaging £1,048 per week. According to Hudson’s latest monthly pay trends report, pay rose by 1.9% in October and saw a year-on-year increase of 4.8%.
The strongest growth was recorded in London, where average weekly earnings rose by 4.9% to £1,147. Wales followed closely, with a 4.4% increase to £1,208, while the East Midlands saw a 4.1% rise to £1,097. Trades specializing in insulation, shop fitting, and steel and timber frame erection experienced the most significant earnings growth.
Commenting on the figures, managing director Ian Anfield said: “Alongside these rate increases, we are also seeing increases in the number of payments made to operatives by some of our clients.
“However, it’s a mixed bag for the construction industry. Everyone was waiting for the election. Then it came and went. Everyone was waiting for the budget. Then it came and went. Now, everyone is waiting for the promises of planning reform and infrastructure investment to come to fruition at the same time as waiting for legislation that was mentioned in the budget to bite.
“Meanwhile, despite the politics, there is still strong appetite for high-rise concrete frame structures in the big conurbations, cities like Birmingham, Leeds, Manchester, Newcastle and Sheffield.
“The housing market has proved more resilient than expected despite rising mortgage prices as demand still outstrips supply in some areas and investors favour build-to-rent schemes. The Home Builders Federation has warned that while many government policies are aimed at increasing supply of new housing, there are insufficient policies to increase demand. The major housebuilders do not believe there is demand from the people who can afford to buy at the level the government wants to achieve.
“The government will need to extend the Help to Buy scheme, come up with something entirely new or deliver huge new social housing schemes to come anywhere near 1.5m homes in five years.”
Hudson Contract, a leading service provider to the construction industry, tracks pay trends for 17 trades across 10 regions in England and Wales. With a client base of 2,600 SMEs, Hudson’s data is considered one of the most accurate indicators of pay trends in the sector. Their insights are also supplied to the Bank of England, helping shape policymaking on the demand for skilled labour.
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