Labour costs ‘break records’ as vacancies soar

Between May and July, there were 38,000 vacancies in the construction industry, according to new data from the Office for National Statistics, setting a 20-year record high, and surpassing the previous high of 34,000 recorded just two months prior.

New data from the ONS also released today showed that average weekly earnings for construction were up just over 14 per cent in June compared to 12 months ago. It is the largest annual increase of any sector, but this jump is partly due to the steep fall in earnings in the second quarter of last year when the pandemic struck and construction activity slowed. Compared to pre-pandemic earnings as of February 2020, average weekly income is up 3.4 per cent, which is the second lowest increase of any sector, apart from manufacturing