What a Labour Government Could Mean for Skilled Construction Workers
The day after Keir Starmer’s election win, Britain’s domestic stocks logged their highest-performing in over five months. Part of investors’ optimism came from renewed hope for the construction industry.
A key element of Labour’s manifesto was a pledge to build 1.5 million new homes over the next five years. In keeping with this, Labour also pledged to reform the country’s planning system to help speed up building, further spurring optimism.
RBC Capital Market Analyst Anthony Codling said: “If election pledges turn into policy, today is more than just a new day in housebuilding. It is the dawning of a new age,”.
There is also optimism in the housebuilding market; Labour has pledged to invest in energy, infrastructure, and transport initiatives.
The Labour election has clearly renewed hope for many in the construction sector. If pledges turn to policy, there’s a golden opportunity for skilled workers.
More Opportunities
As part of the plan to turn the 1.5 million housing pledge into reality, Labour has proposed a new “grey belt” classification for development. In principle, this opens up part of the green belt, such as disused petrol stations or rural brownfield sites for development.
This grey belt classification aims to speed up the planning process and, ultimately, project start, meaning more housebuilding opportunities for workers.
Starmer’s party has also pledged to create a National Wealth Fund totalling almost 7.2 billion pounds for investment in net-zero infrastructure, with a goal of “doubling onshore wind, tripling solar power, and quadrupling offshore wind by 2030.”
Labour has also pledged to renationalise the British Rail Network and begin full-scale re-development across the national transport network, including a pledge to re-fill one million potholes annually.
The feasibility of Labour’s “Get Britain Building Again” aim is yet to be seen. However, if their plans come to fruition, it’s reasonable to expect a massive increase in opportunities for skilled construction workers.
Renewed Opportunity, Same Skill Gap
A growing construction market requires skilled workers to fill it. However, a key issue remains within the construction industry: the lack of skilled workers available to fill it.
According to the Construction Industry Training Board, 251,500 more workers will be needed to meet production output by 2028. Similarly, given that 35% of construction workers are now over 50, the demand for skilled workers will only increase as this group begins to retire.
While the Labour government has pledged to introduce higher-quality apprenticeship and technical courses to the curriculum, this will naturally take time.
Ultimately, the increased market demand is expected not to be met, and therefore, the market value of skilled workers will only increase. Simply put, skilled construction workers will have more opportunities to be paid better.
How To Make the Most of It:
Networking is one of the most effective ways to take advantage of new opportunities in any market. 80% of professionals consider networking as vital for advancing their careers.
Given the highly interpersonal nature of the construction industry, it can be hard to know how to look for new opportunities without compromising your relationship with your current employer.
Similarly, it can be difficult to leverage a network if you can’t build relationships for opportunities without your employer knowing.
At Pinnacle, we have over 20 years of experience recruiting skilled workers in the construction industry. We have a large network of connections and can discretely get you in touch so you can find an opportunity that’s right for you.
If you’re looking for a new opportunity or just want to see what’s out there, then please reach out to [email protected]