In 2023, the cost of work in the construction sector in the United Kingdom (UK) represented around 58 percent of that industry's income. This measure, also known as labor share of income, has fallen significantly in 2022 and 2023. The relative cost of staff peaked in 2009, when it represented approximately 73 percent of the construction income. Two key factors can affect these figures: the evolution of construction salaries in the UK and the overall income of the industry. In times of inflation, a decline in the labor share of income could signal that the cost of work has increased at a slower pace than construction prices.
Cost of labor as a share of the construction sector's income in the United Kingdom (UK) from 2000 to 2023
According to the source this is an experimental statistic, which means that it is in a testing phase
Supplementary notes
Labor share for an industry is defined as being the percentage of that industry's factor costs (sum of the compensation of employees and the gross operating surplus) for which compensation of employees is responsible.
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Office for National Statistics (UK). (August 15, 2024). Cost of labor as a share of the construction sector's income in the United Kingdom (UK) from 2000 to 2023 [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/1324164/labor-share-of-income-in-uk-construction/
Office for National Statistics (UK). "Cost of labor as a share of the construction sector's income in the United Kingdom (UK) from 2000 to 2023." Chart. August 15, 2024. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/1324164/labor-share-of-income-in-uk-construction/
Office for National Statistics (UK). (2024). Cost of labor as a share of the construction sector's income in the United Kingdom (UK) from 2000 to 2023. Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/1324164/labor-share-of-income-in-uk-construction/
Office for National Statistics (UK). "Cost of Labor as a Share of The Construction Sector's Income in The United Kingdom (Uk) from 2000 to 2023." Statista, Statista Inc., 15 Aug 2024, https://www.statista.com/statistics/1324164/labor-share-of-income-in-uk-construction/
Office for National Statistics (UK), Cost of labor as a share of the construction sector's income in the United Kingdom (UK) from 2000 to 2023 Statista, https://www.statista.com/statistics/1324164/labor-share-of-income-in-uk-construction/ (last visited December 21, 2024)
Cost of labor as a share of the construction sector's income in the United Kingdom (UK) from 2000 to 2023 [Graph], Office for National Statistics (UK), August 15, 2024. [Online]. Available: https://www.statista.com/statistics/1324164/labor-share-of-income-in-uk-construction/
