London – UK Regional Labour Market Trends, December 2024
Election Policies Boost London’s Key Industries in 2024
Key findings include:
- London is forecast to see a 7.9% year-on-year increase
- IT professionals are projected to maintain dominance, representing a 3.2% increase
- The Technology, Media & Telecoms industry leads with a 29.3% growth
- Balfour Beatty ranks an impressive 72.4% year-on-year increase in vacancies
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Recent political and economic developments in the UK have shaped the landscape for professional vacancies in 2024. Following the recent election, renewed government policies have focused on boosting key industries such as technology, financial services, and green energy. Increased public investment in infrastructure and skills training has benefited London, bolstering its position as the nation’s economic and professional hub. The capital is forecast to see a 7.9% year-on-year increase in professional vacancies, reaching approximately 148,671 roles. This growth is expected to raise London’s share of total vacancies from 34.4% in 2023 to 36.7% in 2024. In contrast, the rest of the UK is projected to decline by -2.7%, totalling 256,015 vacancies. According to the latest UK Labour Market Trends report by APSCo and labour market data analytics firm Vacancysoft, this is true.
IT professionals are leading the forecast
Recent trends in the UK job market suggest that certain professions will remain in high demand throughout 2024, with IT professionals leading the way. IT vacancies are expected to reach 36,519, marking a 3.2% year-on-year increase and accounting for 24.6% of total vacancies. Marketers and PR professionals, holding 18.8% of vacancies, are set to grow by 12.5%, reaching 27,914 roles. Sales professionals are projected to see the highest growth among in-demand skills, with a 25% increase bringing totals to 10,406. Their share of vacancies is also expected to rise, moving from 6.0% in 2023 to 7.0% in 2024.
The TMT sector holds the largest share of total vacancies
The Technology, Media & Telecoms industry is set to lead in 2024, with a 29.3% increase in professional vacancies, surpassing 50,000 roles (50,608). This growth boosts its share of total vacancies from 28.4% in 2023 to 34.0% in 2024. The technology sector alone is expected to see vacancies reach 31,390, a 35.2% year-on-year increase, raising its share from 16.8% to 21.1%. The media sector is projected to grow by 21.8% to 16,654 roles, with its share rising from 9.9% to 11.2%. Real Estate & Construction is also set for growth, with a 15.3% rise to 13,196 roles, increasing its share to 8.9%.
Key Companies Reveals Notable Variations
The top 20 companies driving professional vacancies in London for 2024 highlight a mix of growth and decline across various sectors, reflecting the capital’s dynamic job market. Balfour Beatty, in the Real Estate & Construction sector, is set to see strong growth, with vacancies projected to total 814, a remarkable 72.4% year-on-year increase. This growth reflects the expansion of London’s construction and infrastructure projects. Turner & Townsend, an industrial engineering firm, leads the list with over 3,000 vacancies (3,358), marking a stable 1.6% year-on-year increase. Conversely, Publicis Groupe in the media sector faces a significant decline, with vacancies expected to drop by -28.0% year-on-year.
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