How Skilled Construction Professionals Can Make The Most Out Of 2024
A decline in projects of all sizes has marred the past three years in the construction industry. The pandemic, high inflation, and stretched supply chains have all resulted in a negative outlook for many working in the construction sector.
Despite this, there’s good reason to be optimistic as we head into 2024.
A recent report from Glenigan predicts a 12% growth in the construction sector next year, representing the first year of positive growth since the pandemic.
With this growth comes a shift in trends regarding where money is being spent – and what that means for you.
Here are some key things to look out for as we move forward:
Public Sector Growth:
Public sector projects will dominate in 2024 as private and residential-focused construction continues to be limited by inflation rates and a shrinking market.
Government spending on the public sector has reached almost £4.9 billion in the past year as it turns its eyes to developing the education, community and health sectors.
There’s set to be an 18% increase in construction projects within the education sector and a 13% increase in projects in the health and community.
As the housing market becomes weaker, it’s expected that the public sector will shoulder the brunt of the workload in an expanding market.
With this level of investment, the demand for labour in the construction sector is set to rise significantly.
The National Infrastructure and Construction Pipeline indicates that around 425,000 jobs will be supported annually up to 2025 through this pipeline investment.
There are plenty of opportunities for people working in construction, particularly those with public sector experience.
Regional Shift:
Another shift set to take place in 2024 is a shift in where development is located.
As part of the “levelling up” scheme, the government relocated large amounts of funding up North, marking a break from the traditional investment hubs of London and the South.
There’s £2.3 billion committed to the North, and many projects have already started this year.
As the money goes north, work will follow. Recently, the Northeast was voted as the third best place to live and work for people involved in construction.
That’s not to say the South will be left behind, either.
For example, over £8 billion has been committed to the Thamesmead and Brent Cross Town redevelopment projects.
According to the CITB, over 4,500 positions, especially senior ones, will need to be recruited annually in Greater London alone to meet the demand for skilled workers.
Sustainability:
The transition towards a net-zero economy is creating new employment opportunities, particularly for those with expertise in sustainable construction methods.
One of the key trends in this sector is the focus on green building and net-zero design.
The government’s investment in the green building sector, estimated to be around £90 billion by the end of the decade, is generating significant employment opportunities.
Since October 2021, £26 billion has been invested, creating 56,000 new jobs, and it is expected to reach 440,000 jobs by 2030.
Where we’re located, in West Byfleet, several millions of pounds have been invested in sustainable developments, such as the Botanical Place project.
Professionals in the construction industry, particularly those with experience in sustainable practice or projects, will be able to capitalise on this growth over the next year.
At Pinnacle
While the past few years have been challenging for the construction industry, there are reasons to be optimistic for 2024.
However, making the most of the promising opportunities can be challenging without the right partner.
At Pinnacle, we are well-equipped to help skilled individuals navigate this changing landscape. We value close relationships and collaboration with our clients to find the right jobs for them.
Our access to off-market opportunities and deep sector knowledge is invaluable
for those looking to advance their careers. We also value client feedback, which helps you to improve even after a failed application.
If you’re looking to make the most out of 2023, please contact us at [email protected]
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