Severe skills shortages across the construction sector are expected to push labour costs up by 8.3%, reveals new data.
The report, published by Currie & Brown, suggests that nearly a quarter of a million workers will be required by 2027.
Insufficient labour in the built environment is also putting important infrastructure roles at risk, the report warns.
It emphasises that until the construction sector recruits an additional 225,000 workers by 2027, costs will continue to rise.
Despite headline inflation for construction materials showing signs of slowing, staffing shortages could still extend lead times by up to 50%.
In 2023, the UK's infrastructure pipeline could see an additional £900m as a result of labour-driven and material cost inflation.
Nick Gray, chief operating officer for UK & Europe at Currie & Brown said: “Avoiding a cliff edge that threatens the delivery of key projects such as the Transpennine Route Upgrade Programme, works at the Port of Liverpool, and the National Hospitals Programme will demand a collaborative effort on training from players across the industry,” he said. “It will also need robust project management and continuous, close control of cost and risk.”
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