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Mon September 27 2021

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Bacs payments show scale of construction recession

22 Oct 10 The construction industry took a bigger hit on jobs than any other sector during the recession, according to Bacs payroll data.

According to a report in today's Daily Telegraph, the building industry was the least resilient to redundancies, witnessing a 25 percent slump in the number of Bacs salary and wage payments made in the three years to August 2010, the figures showed.

The transport, storage and communication sector also saw a substantial drop of just under 19 percent, while manufacturing payments fell by nearly 15 percent over the same period, the Bacs statistics show.

More than 90 percent of the workforce is paid via Bacs, meaning the data show key trends and reflect the real winners and losers from the financial crisis.

The figures show the UK's most recession-proof jobs were in the mining and quarrying sector, with a 8 percent  growth in payments in the three years to August 2010. The health and social work sector has held strong, coming in as the second best performer with a 7pc growth in payments, while education was in third place with a 3 percent growth.

Mike Hutchinson, head of marketing at Bacs, told the Daily Telegraph: "The construction sector has been the real loser, while mining and quarrying experienced the largest increase in payroll payments."

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