Real Estate & Construction Sector Report – 2020 in Review
Over the weeks that followed, the real estate and construction labour market faced a challenge unlike any other. When the first lockdown swept across Britain, professional recruitment fell dramatically. The second quarter’s hiring levels were 7.6% of the overall 2020 total in England and Wales (E&W).
In London, professional vacancies are on course to fall 26.8% by year-end, slightly more resilient than the regions, where levels dropped 30.9%. With volumes down 41.5%, the East of England experienced the biggest year-on-year contraction.
In the West Midlands, vacancies appeared relatively resilient, falling only 14.2% year-on year. HS2, expected to create over 400,000 local business contracts during construction, may be partly responsible for this labour market’s softer landing.