In a sign of the times, industrial engineering, which encompasses aerospace and defence, has proven to be the top performing industry this past year, up 21% on 2022. At the same time the impact of quantitative tightening on the London market has been felt heavily across both finance and technology. As a result, vacancies in the capital are down 40% on the prior year.
Despite a 39% decrease in recruitment patterns in London in 2023 compared to the previous year, the city maintains a pivotal position in professional opportunities, expected to contribute 34% of the UK’s vacancies, emphasizing its crucial role in the national job market. This is according to the latest UK National Labour Market Trends report by APSCo and labour market data analysts Vacancysoft.
As the dust settles on the decision to cancel HS2, while the political fallout may prove high across the regions, the economic consequences are still unclear. By the same token, what is clear is the fact that over the past five years, the trend of regionalisation has taken effect and increasingly, businesses are expanding teams away from the capital. In 2023 this trend has seen a high point, in the sense that 64% of all vacancies in the private sector can now be found outside the capital, up from 56% pre-pandemic.
According to the 2023 forecast, (Non-IT) Change vacancies are poised for remarkable growth, with a projected increase of 9.2%. As a result, vacancies this year on track to hit record levels, with a forecast of 113 versus 103 last year according to the latest UK Labour Market Trends report by Harrison Holgate and labour market data analysts Vacancysoft.
