UK construction redundancies fall to lowest figure since records began

UK construction redundancies fall to lowest figure since records began

Dominick Sandford, Managing Director at IronmongeryDirect and ElectricalDirect, said: 

“During the first few months of the pandemic, the job security of construction workers was thrown into serious doubt, and sadly tens of thousands of employees lost their jobs. However, the latest ONS data shows that the situation has really turned around. 

“At its peak in summer 2020, almost 30,000 workers were made redundant over a three-month period (July-September). 

“In contrast, the data released this month shows that just 3,000 people in the industry lost their jobs between March and May. While this is obviously still 3,000 too many, it shows a significant improvement. 

“In fact, 3,000 is the lowest that this figure has ever been, since records began thirteen years ago in 2009. 

“Elsewhere, average wages are on the rise, which, in the context of a major cost of living crisis, will be a welcome relief to many, albeit slight. Typical weekly earnings rose by £20 to £714, which is the second highest average ever recorded. 

“It’s really good news that redundancies are on the decline, and pay is increasing, but this pattern will have to continue in the coming months in order to offset the financial hardship that the country is currently experiencing.” 

For more information on IronmongeryDirect, visit: https://www.ironmongerydirect.co.uk/  

For more information on ElectricalDirect, visit: https://www.electricaldirect.co.uk/  

References: 

https://www.ons.gov.uk/employmentandlabourmarket/peoplenotinwork/redundancies/datasets/redundanciesbyindustryagesexandreemploymentratesred02
https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/datasets/employeejobsbyindustryjobs03
https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/datasets/averageweeklyearningsbyindustryearn03
UK construction redundancies fall to lowest figure since records began
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UK construction redundancies fall to lowest figure since records began
BDC September 2022 issue - 296

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