Engineering contractors look to avoid the credit crunch, thanks to the feverish demand for qualified professionals in the UK. A poll by giant group plc. suggest that this high demand will push hourly pay rates to increase and thus mean those in the engineering sector will dodge the credit crisis.
This poll indicated that only 3.9% of engineering contractors were predicting a decline over the next 12 years in their earnings. This only goes to further strengthen the need for skilled engineers in the UK economy.
Matthew Brown, managing director of giant group, commented: “The engineering sector has been relatively isolated from the effects of the credit crisis so far. Despite fears that bank financing for some projects would become harder to secure, the majority of projects are proceeding as planned.
“The aerospace and automotive sectors of the economy are still in robust health and there is a continuing shortage of candidates in these areas. On top of that, we have major construction on the Olympic site getting underway this summer, which will squeeze the labour market further and heap even more upward pressure on rates.”
There are a number of strong industries in the UK and the demand for individuals means that the recruitment industry will also be feeling the benefits over the coming years.
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