12th November 2024 | Hudson Contract
Trade earnings reach another record despite industry uncertainty
Labour rates hit a new high last month, reaching £1,048 per week for self-employed tradespeople.
Hudson’s monthly pay trends show pay rose 1.9 per cent during October. Year-on-year, earnings increased 4.8 per cent.
London saw the strongest growth (up 4.9% to £1,147) followed by Wales (up 4.4% to £1,208) and the East Midlands (+4.1% to £1,097). Insulation, shop fitting and steel and timber frame erection trades saw the biggest increases in earnings.
Commenting on the figures, managing director Ian Anfield said: “Alongside these rate increases, we are also seeing increases in the number of payments made to operatives by some of our clients.
“However, it’s a mixed bag for the construction industry. Everyone was waiting for the election. Then it came and went. Everyone was waiting for the budget. Then it came and went. Now, everyone is waiting for the promises of planning reform and infrastructure investment to come to fruition at the same time as waiting for legislation that was mentioned in the budget to bite.
“Meanwhile, despite the politics, there is still strong appetite for high-rise concrete frame structures in the big conurbations, cities like Birmingham, Leeds, Manchester, Newcastle and Sheffield.
“The housing market has proved more resilient than expected despite rising mortgage prices as demand still outstrips supply in some areas and investors favour build-to-rent schemes. The Home Builders Federation has warned that while many government policies are aimed at increasing supply of new housing, there are insufficient policies to increase demand. The major housebuilders do not believe there is demand from the people who can afford to buy at the level the government wants to achieve.
“The government will need to extend the Help to Buy scheme, come up with something entirely new or deliver huge new social housing schemes to come anywhere near 1.5m homes in five years.”
| Region | October 2024 Average | Month on Month % Change | Year on Year % Change |
| North East | £813 | 2.0% | 6.1% |
| North West | £964 | 1.7% | 2.0% |
| Yorkshire & Humber | £987 | 1.3% | 4.2% |
| East Midlands | £1,097 | 4.1% | 8.2% |
| West Midlands | £996 | 0.1% | 1.1% |
| Wales | £1,208 | 4.4% | 16.0% |
| East of England | £1,102 | 2.2% | -0.1% |
| London | £1,147 | 4.9% | 9.8% |
| South East | £1,059 | 0.3% | -1.4% |
| South West | £1,069 | 0.7% | 10.7% |
To view our interactive pay trends map click here
Hudson Contract is a leading provider of services to the construction industry with a client base of 2,600 SMEs. We provide the most accurate indication of trade pay trends across the sector, publishing average pay for 17 different trades across 10 regions in England and Wales. We supply statistics to the Bank of England, informing policymakers with insights on demand for skilled labour.
To speak to one of our team, call us on 01262 401040
Or request a callback and one of our team will be in touch at a time that suits you.
Request a callback
Please select your role and fill in your details and we'll get you the right person to call you: