Recruitment activity within the construction sector has bounced back, with vacancies and applications for permanent roles increasing at the start of 2024, following a downturn in the market last year as a result of challenging economic conditions.
That’s according to new research from the Association of Professional Staffing Companies (APSCo).
The data – provided by the world’s largest network of job boards, Broadbean – revealed that the number of new positions posted by employers rose by 64% and 51% in January and February respectively compared to December 2023.
In addition, applications spiked at the beginning of the year, up a staggering 214% in January 2024, reaching the highest point recorded over the last 12 months.
This is in keeping with the latest data from the Office for National Statistics which revealed a 1.1% monthly increase in output across the construction sector in January.
In further positive news for workers, APSCo’s research shows that salaries within the construction sector have also climbed significantly, with a 6.5% year-on-year increase in February 2024 as employers look to boost pay in order to tackle ongoing skills shortages.
Ann Swain, Global CEO of APSCo, said, “The construction sector is often seen as a bellwether of the economy and a downturn in this market usually represents a challenging economic climate, which is what we saw over the course of last year.
The sector has faced difficulties as a result of global geopolitical issues with supply chain costs rising and an ongoing shortage of talent. However, there are signs of positivity and the growth in both new jobs and applications seen at the start of 2024 as output increases suggests that the market could be turning.
“The aforementioned shortages of skills – along with rising inflation levels and the cost-of-living crisis – have led to a significant rise in salaries, which can only be good news for the future of the sector.”
