Despite Carillion’s collapse and the uncertainty of Brexit, the UK construction industry is set to grow.
In their latest report, The Construction Industry Training Board (CITB) estimates that over 158,000 jobs will be created over the next five years, with Wales set to grow three times faster than the rest of the UK.This is largely driven by the number of infrastructure projects that are currently underway and the increasing demand for new homes.
The predicted growth is expected to see a Welsh workforce of over 121,500 with a particular demand for civil engineers and surveyors set to increase too. However, the commercial sector is not predicted to progress as quickly, with investors holding back due to the lack of information on how and when the UK will leave the EU.
Construction employment in Wales is set to average 4.6% between 2018 and 2022, despite the Welsh construction market being the third smallest in the UK. Over 12,000 jobs are predicted to be created in the industry in Wales. This is largely down to the start of work on the Wylfa nuclear power station, M4 relief road and the South Wales Metro.
Mark Bodger, strategic partnerships director for CITB, said:
“The figures for Wales show a strong growth forecast for the Welsh construction industry, which is largely driven by a number of infrastructure projects that have already started or are in the pipeline”.
It is hoped that this predicted growth will encourage more people to work in the sector.
The growth in construction is certainly good news for those in the industry and for aspiring trade workers. If you’re a business owner or tradesman and are thinking of expanding and taking on more employees, your employers’ liability insurance will need updating.
While your level of cover may currently suit your needs, the increase in workforce may mean that your level of cover has to change.
The level of cover your business needs typically depends on two things: The business itself and the contracts you are working on. For example, if you’re currently operating on smaller domestic contracts but plan on expanding or tendering for larger commercial projects, your current level of cover will need adjusting. Some potential clients may also require a minimum level of cover before considering your business for a specific contract.
If you currently have insurance with us and are planning on making changes, or are unsure on what is included in your cover, give us a call 08081 68 68 68. Or to find out more about additional products we offer, visit our insurance page.