South – UK Regional Labour Market Trends, September 2024
Labour’s New Policies Reshape Job Market as South East Leads
Key findings include:
- South East to lead the UK with 45,563 professional vacancies in 2024.
- Real Estate & Construction to lead South vacancies in 2024, up 22.5%.
- IT leads the Southern job market in 2024, despite a 5.8% decline.
- Spicerhaart Group leads 2024 vacancies with 86.3% increase, 1,494 projected.
DOWNLOAD THE REPORT
DOWNLOAD THE REPORT
With the Labour Party now in power, its policy framework is expected to drive significant changes in the economy and labour market. The construction industry is preparing for a housebuilding effort on a scale not seen in decades. In other sectors, the focus is on how business-friendly the new government will be.
The South East is projected to lead the UK in professional vacancies for 2024, with 45,563 vacancies, representing an 11.1% share, though this figure remains stable year-on-year with no significant percentage change. The South West is forecasted to see a 2.7% increase, holding a 6.6% share and totalling 27,122 vacancies. The East of England will maintain a 6.5% share, with 26,448 vacancies and no notable year-on-year percentage change. This is according to the latest UK Labour Market Trends report by APSCo and labour market data analytics firm Vacancysoft.
Real Estate & Construction Leads Southern Job Growth
With the new government’s policies taking shape, job creation in key sectors is becoming evident. The Real Estate & Construction sector is expected to lead professional vacancies in the South in 2024, with a 22.5% year-on-year (YoY) increase, totalling approximately 20,090 vacancies. This marks a strong recovery from the 24.2% decline in 2023, with the sector’s share of overall vacancies rising from 16.6% to 20.3%.
The Technology sector is projected to grow by 10.2% YoY, reaching 11,801 vacancies, rebounding from a -49.6% decline in 2023. In contrast, the Retail/Consumer Goods & Services sector faces a steep 30.1% decline, reflecting the ongoing cost-of-living crisis. Meanwhile, Banking is set for a minor recovery, with its share increasing to 6.0% as interest rates stabilize.
IT Set to Lead Southern Job Market in 2024 Despite the Decline
In 2024, IT is projected to lead the job market in the South, with 19,589 vacancies, despite a slight year-on-year (YoY) decline of 5.8%, reducing its share from 21.1% in 2023 to 19.8%. Conversely, the Real Estate sector is set for significant growth, with a 40.2% rise in vacancies to 10,995, increasing its share from 7.9% to 11.1%. Construction is also rising, with vacancies expected to grow by 7.5%, driven by government initiatives.
Marketing is forecast to decline by 7.6%, which is an improvement from 2023’s 31.1% drop. Other sectors, like Engineering, HR, and Sales, will see modest fluctuations, with Sales showing a slight recovery and HR experiencing a decline.
Spicerhaart Set to Lead 2024
Spicerhaart Group, a leader in the Real Estate & Construction sector, is expected to lead 2024 vacancies with 1,494 roles, marking an 86.3% year-on-year increase. This growth is driven by an acquisition strategy and major investment in estate agency and lettings. Aecom follows closely with 1,311 vacancies, up 16.4% YoY, expanding its Environment, Water, and Energy division.
In Industrials/Engineering, AWE (Atomic Weapons Establishment) predicts a 66.5% rise in vacancies, boosted by a £900 million infrastructure investment. Kier Group, however, faces a 57% drop despite a strong £11 billion order book. In Technology, ServiceNow expects a 43.9% increase in vacancies, showing growing demand in the tech sector.
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.
