Weekly Economic and Construction Update – 18 November 2022

Weekly Economic and Construction Update – 18 November 2022

Date Published

18 November 2022

Document Type

Category

Author

TDUK

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Summary

Inflation in average weekly earnings in the year to September 2022 was 5.6% for total pay (including bonuses) and 6.2% for regular pay, rising from the 4.6% and 4.5% respectively last month as construction demand and activity picked up in September after a slight slowdown in activity in Summer whilst many people returned seasonal trends of holidays abroad after two years of not doing so.

UK construction wage inflation, at 5.6% in the year to September, remained considerably lower than materials inflation, which was 16.7% and material prices remain the greater overall issue for contractors but in some areas and for some specific skills, availability is the key issue. Assuming no further spikes in energy, oil and commodities prices, construction materials prices are likely to be less of an issue from next Summer.