Tradespeople Earnings Reach Record High Despite Industry Uncertainty

LABOUR PAY rates hit a new high last month, reaching £1,048 per week for self-employed tradespeople.

According to Hudson’s monthly pay trends, pay rose 1.9% during October 2024. Year-on-year, earnings increased 4.8% in 2024.

London saw the strongest growth (up 4.9% to £1,147), followed by Wales (up 4.4% to £1,208) and the East Midlands (+4.1% to £1,097). Insulation, shop fitting and steel and timber frame erection trades saw the biggest increases in earnings.

Tradespeople Earnings Reach Record High

Commenting on the figures, Hudson MD Ian Anfield said: “Alongside these rate increases, we are also seeing increases in the number of payments made to operatives by some of our clients.

“However, it’s a mixed bag for the construction industry. Everyone was waiting for the election. Then it came and went. Everyone was waiting for the budget. Then it came and went. Now, everyone is waiting for the promises of planning reform and infrastructure investment to come to fruition at the same time as waiting for legislation that was mentioned in the budget to bite.

“Meanwhile, despite the politics, there is still strong appetite for high-rise concrete frame structures in the big conurbations, cities like Birmingham, Leeds, Manchester, Newcastle and Sheffield.

“The housing market has proved more resilient than expected despite rising mortgage prices as demand still outstrips supply in some areas and investors favour build-to-rent schemes. The Home Builders Federation has warned that while many government policies are aimed at increasing supply of new housing, there are insufficient policies to increase demand. The major housebuilders do not believe there is demand from the people who can afford to buy at the level the government wants to achieve.

“The government will need to extend the Help to Buy scheme, come up with something entirely new or deliver huge new social housing schemes to come anywhere near 1.5m homes in five years.”

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