How does Brexit affect the construction industry?
Before the EU Referendum, the business of construction was a good industry to get into because of the excitement and they pay! Now that Britain have left the EU what does this mean for the people who are currently in the construction industry because they have relied on the EU for their businesses.
A survey carried out by Smith and Williamson has “found that only 15% of construction executives favoured a UK exit from the EU”. This survey has showed that most of the construction industry need the EU to make their business successful and the EU is their main way of making good money.
Skilled Foreign Workers
It’s not just the companies that are in trouble, it is also the people who actually work there. They are now unemployed and have no way of using their skills in a job that they loved, but this also means that jobs will not happen as quickly because of the shortage of skilled workers. However, this is in some way good for employers because if they already have the skilled workers can increase overall annual profits.
Import and Export of Construction Materials
You do not need to be in the Construction industry to realise that the Britain as a company rely heavily on the EU for their Materials and their trade. Now we have left the EU, we can all believe that our trade to the EU will decrease, so we have to find a new way of making materials or find a new country that will be willing to trade with the UK, so that we can continue building new things.
It may not be all bad though because now not as many people from the EU will come to England to seek work due to Brexit. This will increase the population of the EU and would therefore need to start trading with the UK to supply for all their population which will give the UK more money. Also if company owners will not need to pay as much into wages for their staff because there will be less people looking for jobs so this overall will increase annual profits. A survey carried out by www.building.co.uk shows wages for bricklayers working in London have hit £25 an hour due to the current skills shortage, and before the referendum analysts predicted wages would rise further if Britain voted to leave, so we can see that if we leave the EU, it would not be that bad for us and would affect the EU more.
Survey by Smith and Williamson – http://www.designingbuildings.co.uk/wiki/What_does_Brexit_mean_for_construction%3F
Survey for builder’s wages – http://www.building.co.uk/what-a-brexit-means-for-construction/5082323.article