Latest labour market statistics from the ONS show construction is getting tighter while the rest of the labour market loosens.
Construction job vacancies grew 14.9% on the year while decreasing by 14.4% for the economy in general. They are now 44% higher than the pre-pandemic level.
Wage growth also continued to strengthen in construction with another 4.2% rise.
Jon Boys, Research Lead for cost consultant Core Five, said: “Today’s statistics provide further evidence that the construction labour market is becoming more competitive, and labour will likely be a constraint on activity going forward.
“The rest of the labour market is heading in the opposite direction, with falling vacancies and weakening wage growth.
“Demand is set to increase and output rise as the Bank of England continues its rate cut cycle. Core Five’s advice is simple, buy now if you can.”
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