The week was a bumper week for information on the construction labour market. Data shows that there are pressures within the market with a smaller workforce and some wage increases, but this seems to be dampened by lower output levels. If the UK manages to follow the roadmap out of lockdown and confidence is restored to the market, causing output to increase, we could see these pressures increasing.
To lookout for this week
The Budget on Wednesday will outline ongoing support from government, as well as any attempts to repay the ballooning deficit. All eyes will be on Rishi Sunak’s changes to taxes and government spending programmes.