A growing UK construction industry is set to create 232,000 new jobs over the next five years according to CITB.
Latest research from the Construction Industry Training Board forecasts annual average growth of 2.5% from 2016-2020. That growth will create the need for thousands of new jobs including 9,400 office based roles every year, 2,800 bricklayers and 4,320 carpenters.
CITB’s Construction Skills Network (CSN) report predicts sustained growth from 2016-2020, driven by infrastructure and private housing. The group is calling for a radical rise in apprenticeships to plug the gaps.
Steve Radley, Policy Director at the CITB said: “All types of training, and especially apprenticeships, will be vital to delivering this pipeline of work.”
Is your construction business booming in the current environment?
If you run, own or manage a business in the construction sector, this should all be good news. As a specialist insurance broker in the UK construction sector, BJP would, however, advise all businesses to keep a close tab on how something positive like this may impact on your insurance cover. It may be that you have found yourself needing to take on additional labour – whether casual, contractors or PAYE. Possibly you’ve landed a few more contracts that mean you are having to buy additional equipment or stock. It’s worth recognising that these things should probably be reflected in your insurance provision so that you don’t run the risk of being under insured.
If you’re experiencing growth and want a quick review on how your policy cover can accommodate that, why not give us a call on 0345 365 2121? Or to find out more about BJP’s expertise in the UK construction sector, go to our construction insurance page.