Midlands – UK Regional Labour Market Trends, November 2024
Midlands Job Market 2024 Real Estate Growth Leads Trends
Key findings include:
- The Midlands are expected to experience a 5.5% decline.
- West Midlands sees growth in vacancies for Real Estate professionals, up by 21.6%.
- 18.3% increase for Sales roles in the East Midlands YoY.
- Aecom ranks an impressive 24.8% year-on-year increase in vacancies.
DOWNLOAD THE REPORT
DOWNLOAD THE REPORT
The Midlands’ job market in 2024 mirrors the broader economic challenges facing the UK. Sluggish GDP growth and persistent inflation are influencing employment trends. While investment in infrastructure projects like HS2 supports Real Estate & Construction, Brexit and global market instability continue to impact export-focused sectors. The West Midlands stands out with a 5.9% share of the UK’s professional vacancies, despite a projected -7.4% decline, equating to an estimated 24,011 vacancies—still 45.2% higher than the East Midlands. By contrast, the East Midlands claims a smaller 4.1% share, with a modest -2.7% decline anticipated. This indicates a more stable yet less dynamic job market, reflecting varying economic pressures across the region. According to the latest UK Labour Market Trends report by APSCo and labour market data analytics firm Vacancysoft, this is true.
West Midlands Job Market Growth Faces Budget Challenges
The West Midlands job market in 2024 reflects a wave of optimism, with regional growth surpassing much of the UK. Real Estate professionals are projected to experience a 21.6% year-on-year rise in vacancies, reaching an estimated 2,341 roles and increasing their market share from 7.4% in 2023 to 9.8% in 2024. Similarly, the construction sector is set for moderate growth, with vacancies up by 3.3% to 2,029, representing an 8.5% share. However, concerns loom over the potential dampening impact of the budget. With increased employer tax obligations raising staff costs, there is uncertainty about how this might affect hiring momentum in the months ahead.
East Midlands Sales and Real Estate Drive Growth
The East Midlands job market in 2024 reflects steady growth, although it also faces some sector-specific challenges. For instance, sales roles are projected to rise by 18.2%, increasing their share from 6.2% in 2023 to 7.5% in 2024. Similarly, Real Estate professionals are set for significant growth, with an 18.3% year-on-year increase bringing vacancies to 2,130 and boosting their share to 12.9%. Meanwhile, IT professionals remain the most sought-after, with an estimated 2,614 vacancies. However, the sector is expected to experience a -14.6% year-on-year decline. Proposed changes to planning laws are likely to stimulate housebuilding, with Derby, Leicester, and Nottingham expected to benefit the most. Consequently, the region needs more economic prospects.
Key Companies Reveals Notable Variations
The 2024 job market outlook for key companies reveals notable variations across sectors. In Real Estate & Construction, Aecom stands out, ranking second with a remarkable 24.8% year-on-year increase in vacancies, highlighting the sector’s robust growth. Meanwhile, Turner & Townsend from the Industrials/Engineering sector leads the forecast with stable hiring volumes, showing a modest 7.3% rise and annual vacancies nearing 800 (792). Further underpinning this upward trend are exceptional growth projections for Connells and Spicerhaart Group. Connells is anticipated to achieve a 53.2% increase in vacancies, while Spicerhaart Group surpasses expectations with a staggering 74.5% rise, cementing its position as a leader in recruitment growth.
Delve into UK recruitment trends analysis to gain insights that shape the market!
All data featured in this report is available in the Vacancy Analytics platform, which is updated in real-time and allows for interactive analysis, giving you the power to drill into trends to identify the key insights you need to power your business.
If you would like to book a workshop with us to analyse trends in your market, you can schedule one here.
