42,000 new construction jobs to be created in Greater London in next five years
Figures from the Construction Industry Training Board (CITB) today reveal that construction employment in Greater London is set to rise by 42,000 in the next five years, resulting in over 444,000 jobs for the sector by 2020.
CITB’s annual Construction Skills Network reportsuggests that construction will grow at 3.5%, year on year, in Greater London in the next five years, well above the national average of 2.5%.
Employment in the sector across the region is expected to rise annually in the five years up to by 2% per year on average, well above the UK rate of 1.1%.
Major schemes anticipated over the next five years include University College London’s £1bn ‘Olympicopolis’ development, the ongoing £3.5bn regeneration of Silvertown Quays, and the £1bn redevelopment of Croydon town centre, due to start this year.
Construction output saw a 17% increase to £27.6bn in 2014, a new high for the region. The increase was aided by strong growth in the private housing market, this sector rising to 62% to £5.4bn, while public housing also rose from 51% to £2.3bn – both these figures represent new highs.
UK construction growth is predicted to be the fourth strongest in Europe up to 2017, with Britain out-perfoming those in Germany, France and Spain.
To help deliver this pipeline of work, CITB has joined forces with the construction industry to create Go Construct, a web portal that helps people find out about the range of great construction career opportunities available.
Janette Welton-Pai, CITB partnerships manager for Greater London commented:
“We can’t build the Britain we want without apprenticeships and the careers they lead to. That’s why we want these new statistics, showing solid, sustained growth, to inspire more people across Greater London to start apprenticeships and more construction firms to take them on.
“We also want to attract workers who have left the industry to return, and upskill those in it, so we can deliver major projects and new housing faster and better.”
February 1, 2016 | Share: