{"id":124870,"date":"2023-04-18T12:21:41","date_gmt":"2023-04-18T11:21:41","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=124870"},"modified":"2023-04-18T14:55:45","modified_gmt":"2023-04-18T13:55:45","slug":"construction-redundancies-fall-67-record-lows","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/construction-redundancies-fall-67-record-lows\/124870\/","title":{"rendered":"Construction redundancies fall by 67% to record lows"},"content":{"rendered":"

The latest ONS figures on the UK labour market indicate that construction redundancies fell by over two thirds, reaching the joint lowest rate since 2009<\/h2>\n

Construction redundancies fell by 67% between December 2022 and February 2023, according to the latest figures<\/a> from the Office of National Statistics.<\/p>\n

The UK employment rate across all industries was estimated at 75.8% in December 2022 to February 2023, 0.2 percentage points higher than the three months prior. According to the ONS, this increase in employment was driven by part-time employees and self-employed workers.<\/p>\n

Vacancies remained stable, suggesting positions are being filled<\/h3>\n

Vacancies per one hundred employee jobs remained stable at 2.6 in construction, with the related industries of manufacturing; water supply, sewerage, waste and remediation activities and real estate services all seeing a similar level of stability compared to the December 2022- February 2023 period.<\/p>\n

Dominick Sandford, managing director at IronmongeryDirect<\/a> and ElectricalDirect<\/a>, commented: “The latest data shows there were 41,000 listings between January and March, which is the same as the previous period, and down 13% year-on-year (47,000). This suggests that companies have been able to fill their advertised positions in recent months, compared to 2022, when, anecdotally, many struggled to recruit.<\/p>\n

\u201cThe importance of job security cannot be overstated, and people benefit both financially and psychologically<\/a> if they don\u2019t have to worry about being made unemployed. Hopefully the positive signs seen in this new data continue as the year goes on, and the construction industry can enjoy a fruitful summer.\u201d<\/p>\n

A low level of construction redundancies is a strong indicator of stability<\/h3>\n

\u201cThe most notable improvement concerns redundancies, which fell by two thirds (67%) over winter, from 9,000 down to 3,000 (December-February). The latest figure is the joint lowest since records began in 2009, and considerably lower than this time last year (5,000, 40% decrease), suggesting the sector has had a strong start to 2023.<\/p>\n

\u201cIn contrast, across all industries in the UK, redundancies are up 20% year-on-year, and now stand at 90,000. This shows that despite the volatile economic landscape<\/a> nationally, our sector has managed to maintain some stability.”<\/p>\n

Cautious optimism for the season ahead<\/h3>\n

The number of potential construction redundancies filed also dropped by over 65%.<\/p>\n

\u201cThe picture also looks good moving forwards. The number of filed potential redundancies has plummeted, dropping from 1,973 in February to 690 in March. This decrease of 65% hopefully means that fewer individuals will be at risk of losing their jobs as we head into the lighter months.”<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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