In 2023, the basic iron, steel, and ferro-alloys sector in the UK was marked by a total of X million hours worked. The forecast trajectory shows a declining trend from 40.6 million hours in 2024 to 39.236 million hours by 2028. This represents a year-on-year decline, signaling a reduction in workforce hours, with the CAGR over five years suggesting a consistent average annual decrease. This contraction indicates potential efficiency improvements, technological advancements, or shifts in sector demand.
Future trends to watch include:
- Technological innovations potentially reducing labor dependency.
- Market demand fluctuations impacting labor needs.
- Policy changes influencing industry operations and labor usage.