Weekly Economic and Construction Update – 30 June 2023

Weekly Economic and Construction Update – 30 June 2023

Date Published

3 July 2023

Document Type

Category

Author

TDUK

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Summary

As materials cost and availability eases, the greatest issue facing the construction industry in the medium-term will be skills shortages, particularly given the number of people that have left the industry in recent years and entrants into the industry each year are a drop in the ocean and nowhere near enough to compensate.

There were 2.13 million workers in UK construction in 2023 Q1, which is 1.9% lower than in 2022 Q4 and 2.5% than a year ago according to the Office for National Statistics. UK construction employment in 2023 Q1 was also 7.8% lower than in 2019 Q4, pre-pandemic, and 12.3% lower than at the recent peak in 2019 Q1. This also means that in 2023 Q1 there were 297,437 fewer workers in UK construction than in 2019 Q1.