Weekly Economic and Construction Update – 17 March 2023
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UK construction total pay, which includes bonuses (note that bonuses are a proxy early indicator for ‘excess labour demand’ in the sector). Total UK construction pay in nominal terms in January 2023 was 3.2% higher than a year ago and this annual growth been slowing since October 2022, when UK construction total pay was 6.3% higher than a year earlier.
The slowdown in UK construction wage growth since October 2022 is partly due to the slowdown in regular pay but primarily due to a 37.0% annual fall in bonuses as construction activity, particularly in private housing new build starts and private housing repair, maintenance and improvement (rm&i), has been falling significantly since October.
The slowdown in UK construction labour demand is illustrated in the UK construction vacancies, which remain historically high but peaked in October 2022 alongside construction output.
UK construction vacancies between December and February 2023 were 13.1% lower than the previous quarter and 13.7% lower than a year earlier (albeit still almost double the level in January 2020, pre-pandemic).
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