Skills shortages within the construction and property industry means that candidates are seeing a 25 per cent increase in salaries.
Construction output is currently only 3 per cent below pre-recession, and growth in industry output is expected to continue over the next two years, spreading beyond London and the South-East.
Average salaries across the industry have been responsive to these trends, with quantity surveyors in the London area earning on average £350 a day compared to £275 just over one year previously.
Confidence is rapidly improving and the housing sector is experiencing immense growth. Private housing output for the first six months of 2014 was up 20 per cent on 2013 figures, according to the ONS.
However, the survey reports that workers within the industry are frequently driven by other factors, including length of contracts and benefits available. This is particularly visible in the North East, where workers are wary of short term contracts following the unreliable years of the recession.
Companies are finding it incredibly difficult to find candidates in such a sparse marketplace. In the Midlands, for example, there are skill shortages across the board. From trades to six figure professional directors, every level is feeling the impact of a lack of talent. The most in demand applicants are the ‘lost graduates’.
It’s a similar story in the North East which has never traditionally needed as many civil engineers as other areas of the country, however, major projects across the A1 have caused an increase in demand.
In terms of recruitment, the next few years are looking positive for candidates within the industry. With worrying skill shortages and increasing salaries, this rapidly recovering market could prove a great place to be a candidate.
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