Construction boom assists plant and tool hire jobs market
The plant and tool hire jobs market is heavily entwined with the construction industry but what do the latest forecasts mean for people looking to get employment in the plant and tool hire industry? The results look quite promising due to the fact the construction industry seems to finally be shrugging off the Brexit fears.
Markit/CIPS, the UK Construction and Purchasing Managers Index (PMI) has risen from 52.2 to 53.1 in March. Anything over 50 is considered to be expansion and over 53 to be considered growth. Economists had predicted a slight drop to 52.0 but the construction industry surprised everyone yet again with another strong month bringing growth to a four-month high.
Fears over massive job losses and shortages as well may be unfounded too as many construction companies have taken on new staff at the fastest rate since the same time last year. A similar survey published earlier this week also showed that British factories have had their best month (April) for three years. Civil engineering also experienced a 4-month high and is growing at its fastest pace for a year.
Official figures showed last week that the economy has slowed sharply in the first quarter of the year as consumers were hit with increased inflation, but UK sterling has already bounced back from last year’s lows by over 35% climbing over 9c against the Dollar and over 38% or 8c against the Euro. The effects of a strengthening currency should see inflation remaining static and will reduce overall costs of imported raw materials which will, in turn, improve margins for UK industries.
So, what does this mean for companies who rely on plant and tool hire? In the short term it’s looking quite rosy. An increased output of UK construction, more companies taking on extra workers, higher sterling rates and increased growth in the construction sectors.
If you are currently looking at plant and tool hire jobs and are wondering if this would be a good move for you then I can say overall this would be a safe option. With today’s growth and the possibility of a slightly reduced labour pool post Brexit your skills will be in high demand.