Strong jobs growth predicted in construction
The construction sector is set to enjoy a significant recovery over the next five years, with the creation of 182,000 jobs.A forecast by the Construction Industry Trading Board (CITB) predicts a surge in the level of employment in order to meet demand for 245,000 new homes every year across the UK. Help to Buy will play a key role in stimulating demand but infrastructure projects are also expected to have a profound impact.Housing is expected to account for around a third (37 per cent) of construction output during the next five years.Across the country, growth is expected to be strong but unevenly distributed. Strongest growth will occur in the south-west (3.5 per cent), Wales (3.4 per cent) and East Anglia (three per cent). It will be slower in the north-west (1.3 per cent), east Midlands (1.1 per cent) and West Midlands (0.8 per cent).Employment growth across the UK will also be mixed, with a two per cent increase expected in East Anglia but a contraction of 0.2 per cent in the West Midlands.Construction growth will be driven by the private housing sector, which will see a rise in output of seven per cent in 2014, followed by five per cent in 2015. Average growth of 4.6 per cent a year will occur until 2018.Infrastructure is set to have the next largest impact, growing at a rate of 3.6 per cent per year. Industrial is forecast to grow by three per cent and public housing by 2.2 per cent.Chairman of the CITB James Wates said the Help to Buy initiative has helped to stimulate housing demand."Alongside this, we'd welcome fresh incentives to encourage house building, and the assurance that major infrastructure projects in the pipeline go ahead as planned."Employment in 2018 is predicted to be 196,000 below pre-recession levels, which is why measures must be taken now to ensure growth is sustained over the long-term."
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