There’s a substantial market for electricians, with the market outperforming every other type of property construction, research by the debt advisory specialists, Sirius Property Finance, shows.
Sirius analysed the size of markets across the construction sector, calculating which professions receive the most revenue, and where there is growing demand.
The market size for electricians is set to be £26.38 billion in 2023, accounting for 30.9% of the property construction sector.
The market for plumbing, heating and air conditioning is the second biggest, at £19.73 billion, making up 23.1%, followed by joinery installations, worth £13.56 billion and accounting for 15.9% of the property construction industry.
Smaller parts of the market comprise of plastering (£2.57 billion and 3.0%) and glazing (1.52 billion and 1.8%), though in the latter case it remains to be seen whether demand will increase as the government pushes green home improvements.
Bricklayers creating the foundations for growth
Bricklaying and other specialised construction services is the fastest growing sector, with a 6.5% increase year-on-year.
In 2023 that market will be worth around £12.93 billion, though it’s still catching up after the market shrank from £14.34 billion to £11.43 billion between 2020 and 2021 when the pandemic took hold.
Electricians (3.3%) and painters (3.2%) are also growing revenues, though glazing (0.4%) is seeing very little change year-on-year.
Across the UK property construction market as a whole, revenue is set to rise by 3.5% in 2023, though that increase will surely be cancelled out by the UK’s high inflation rate this year.
Head of Corporate Partnerships at Sirius Property Finance, Kimberley Gates said, “While it’s a slower property market in 2023 thanks to mortgage rates weighing on demand, it’s heartening to see steady demand for construction professionals, as revenue is rising across all eight sectors.
“Clearly if you’re an electrician, bricklayer or install doors and windows for a living you’re not short of work, as those markets are proving to be very profitable.
“With the government being vocal about EPC improvements it’s surprising that revenue for glazing is barely improving. From the end of 2025 landlords will be required to have a minimum EPC rating of C to issue a new tenancy, so we would expect to see more demand for that common home improvement ahead of the deadline.”
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