Skill shortages have long been a drain on building product manufacturers and construction companies alike. With margins constantly being squeezed and firms paying brickies a reputed £100k salaries something will eventually have to break.
Much like the previous year, this years seminars at UK Construction Week focused heavily around upskilling, attracting talent, succession planning and government funded training schemes (see below link to part one of my blog on the subject).
Although CITB's latest results and forecasts are far from devastating, there is enough evidence to suggest a slight slow down in growth. Every cloud has a silver lining as they say (whoever they are), and an upshot of this is a descent reduction in the number of required skilled and semi skilled workers within the industry.
A slowdown in construction growth over the next five years will help ease skills shortages. But latest forecasts from the CITB show the industry will still need to find 157,000 new recruits during that period. The figure has fallen by a third from the original 232,000 prediction before the Brexit vote. The latest Construction Skills Network data reveals that construction’s expected output over the next five years now averages 2% per annum – down from 2.5% in the forecast from January this year.