Seizing Opportunities in Construction During the Cost of Living Crisis: Why Now Might Be the Right Time to Move

Managing the cost of living crisis has become a challenge for many throughout the UK. Anxiety over a looming recession encourages some to cling to the stability of current employment, even when new opportunities knock.

While the ongoing economic crises have pummelled various industries, the UK construction sector is showing a remarkable degree of resilience and opportunity.

If you’re a professional in the construction sector, now may be the perfect time to make a move.

A Candidate for Stability

Despite some challenges brought about by the pandemic and economic fluctuations, the construction sector has remained steady.

A notable skills shortage in the sector and an unwavering demand driven by the UK’s housing shortage have sculpted a unique employment market for construction specialists.

According to Arcadis’ Autumn report, sector-wide ‘growth will return in 2024’. Already, the energy, universities, schools and retail sectors are rebounding.

Likewise, the ongoing housing crisis provides a vast market demand for construction jobs. According to the Centre for Cities, the UK faces a housing backlog of 4.5 million homes.

The Conservative government have responded by reaffirming their commitment to building 1 million homes by the end of Parliament. The Labour opposition has also stated their intention to invest in new homes.

Even when housebuilding fell in July, corporate work offset the impact on the construction sector.

Some may see the scrapping of a part of the High Speed 2 (HS2) rail project as a setback for UK construction. However, the ￡36 billion allocated funds are being re-channelled, demonstrating continued financial input into the sector.

The Demand is There – and So Are the Opportunities

Skilled construction professionals are needed now more than ever. Due to the ongoing skills shortage, the current market reflects a demand for skills across numerous specialities within construction – from project management to skilled labour.

Three months ago, job vacancies in construction hit a record high of 140,000. One industry report estimated that nearly 1 million skilled professionals will be needed by 2032.

?So, what happens when demand is rising but the supply of skilled professionals is low?

Wages go up.

According to the Association of Project Management, project professionals’ pay has risen by 10% since 2021.

According to the Construction Industry Training Board, the “need to recruit and retain talent in the sector has arguably never been greater”.

As main contractors compete with each other for skilled workers, pay and benefits will continue to mount.

Safeguarding Your Future in Unstable Times

While the cost of living spirals and recession fears loom, securing a new position within construction isn’t just a career move but a strategic one.

Making a change in times like these might seem daunting and counterintuitive. The natural inclination may be to ‘stick it out’ and wait for the storm to pass.

However, given the sector’s current robustness and the plethora of opportunities available, now may be the time to explore your options within construction.

Pinnacle provides a straightforward, effective bridge for those considering a career move within the construction, residential and civil sectors.

Our strong connections in the industry open doors to off-market opportunities, and we focus on building lasting relationships to ensure your career move is more than just a one-off transaction.

We also ensure that every client receives feedback on failed applications, meaning that every interaction with us is a step toward professional refinement and future success.

If you’re an experienced professional in the construction sector looking to make your next career move, please reach out to [email protected]