Construction Is A Safe Employment Bet

Life insurance broker Reassured has revealed the 10 best industries for job security by looking at redundancy rates and job losses in the UK and construction comes out pretty high on the list.

The top sector for job security is human health and social work despite the sectors being low paid. Education is the next most secure sector, followed into joint third place by public administration and law. Fourth comes professional, scientific & technical activities.

In fifth is agriculture, fishing, energy and water, which traditionally have been insecure fields in which to find work.

Financial, insurance and real estate activities is the sixth most secure sectors but could become unstable as a recession hits.

Transport & storage comes in at number seven.

And number eight is construction which has seen a very low job loss or redundancy rate. In fact, the sector is crying out for skilled tradespeople. However, at the beginning of the measurement period, there were much higher job losses as building hit a recessionary bump in the road – which is a warning of what might still be to come.


The UK’s best areas for job security

It would appear that Northern Ireland is the best location to seek secure employment. Even though the North-East experienced nearly double the number of redundancies, the region comes in second, closely followed by Wales.

Scotland and the East Midlands had a higher number of redundancies but boast higher populations and thus came in fourth and fifth. In fact, when it comes to a rate per thousand, Scotland comes in second to Northern Ireland.


Income protection

A spokesperson from Reassured says: “With rising costs, many companies are experiencing significantly higher outgoings, potentially resulting in changes to a company’s structure. Unfortunately, this can subsequently affect the employees if job cuts are required. Whilst income protection insurance cannot protect against redundancy, it can cover you if you are injured or too ill to work. This reassuring safety blanket could help many people in the UK.”


Picture – with thanks to the GGF: The construction sector offers reasonably high job security.


Article written by Cathryn Ellis
18th January 2023


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