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04/08/2011
Builders Facing 'Retirement Timebomb'
The construction industry is facing a 'retirement timebomb' with around one in six workers due to retire within 10 years and the number of young people in the industry more than halving since the start of the recession.
New figures from CITB-ConstructionSkills show the number of 16-19 years olds in the industry has fallen by 52 per cent since 2008 while 17 per cent of the workforce is now within 10 years of retirement.
The number of older workers aged 55 years and over in the industry has increased by 65 per cent since 1990, while those aged 24 and under has fallen by more than 40 per cent over the same period.
The trend has increased over the last twenty years and now affects professional trades, for example architects, surveyors and engineers as much as trade occupations.
While the increasing age profile is most pronounced in the manual workforce, professional trades could also stand to lose 19 per cent of their manpower to retirement in the next ten years.
Mark Farrar, Chief Executive of CITB-ConstructionSkills, said: "CITB-ConstructionSkills is working hard to attract new blood into the industry because if we don't act now this retirement timebomb could compromise our ability to benefit from the up-turn in the economy when it comes.
"In 1990, more than one in five (22%) of workers in the construction industry was aged 24 and under but today, little more than one in ten of the sector's workforce (12%) is within this age group.
"The industry lost a lot of 16-24 year olds during the last recession and while numbers had started to recover over the last 10 years the most recent recession has again had a fairly disastrous impact on young people in the sector, particularly 16-19 year olds.
"There are fewer job vacancies available at the moment, but it has also impacted badly on the perceived attractiveness of the sector in the eyes of many young people in terms of it not offering stable and progressive career opportunities.
"The risk is that the ageing workforce, coupled with a failure to train and attract sufficient people now, will result in a skills vacuum and manpower shortage in the future.
"CITB-Construction Skills is adding value to industry by working with businesses to offer apprenticeships and training and by promoting the opportunities for job progression that a career in construction can offer young people and job seekers.
"It can be difficult to forecast the implications of an ageing workforce as there are a variety of factors that may have an impact.
"The market may pick up any slack through migratory working while technical innovation may reduce the demand on human capital but these factors are hard to predict and the best way to ensure our future success is to encourage new talent into the industry."
(CD/GK)
New figures from CITB-ConstructionSkills show the number of 16-19 years olds in the industry has fallen by 52 per cent since 2008 while 17 per cent of the workforce is now within 10 years of retirement.
The number of older workers aged 55 years and over in the industry has increased by 65 per cent since 1990, while those aged 24 and under has fallen by more than 40 per cent over the same period.
The trend has increased over the last twenty years and now affects professional trades, for example architects, surveyors and engineers as much as trade occupations.
While the increasing age profile is most pronounced in the manual workforce, professional trades could also stand to lose 19 per cent of their manpower to retirement in the next ten years.
Mark Farrar, Chief Executive of CITB-ConstructionSkills, said: "CITB-ConstructionSkills is working hard to attract new blood into the industry because if we don't act now this retirement timebomb could compromise our ability to benefit from the up-turn in the economy when it comes.
"In 1990, more than one in five (22%) of workers in the construction industry was aged 24 and under but today, little more than one in ten of the sector's workforce (12%) is within this age group.
"The industry lost a lot of 16-24 year olds during the last recession and while numbers had started to recover over the last 10 years the most recent recession has again had a fairly disastrous impact on young people in the sector, particularly 16-19 year olds.
"There are fewer job vacancies available at the moment, but it has also impacted badly on the perceived attractiveness of the sector in the eyes of many young people in terms of it not offering stable and progressive career opportunities.
"The risk is that the ageing workforce, coupled with a failure to train and attract sufficient people now, will result in a skills vacuum and manpower shortage in the future.
"CITB-Construction Skills is adding value to industry by working with businesses to offer apprenticeships and training and by promoting the opportunities for job progression that a career in construction can offer young people and job seekers.
"It can be difficult to forecast the implications of an ageing workforce as there are a variety of factors that may have an impact.
"The market may pick up any slack through migratory working while technical innovation may reduce the demand on human capital but these factors are hard to predict and the best way to ensure our future success is to encourage new talent into the industry."
(CD/GK)
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