In 2023, the labour costs in the UK electrical equipment sector were estimated around 3.77 billion pounds sterling. The forecast for 2024 to 2028 shows a steady increase in labour costs, from 3.8 billion in 2024 to 3.91 billion by 2028. This reflects a year-on-year growth of approximately 0.8% to 0.9%. Over the five-year period, the compound annual growth rate (CAGR) is about 0.7%.
Future trends to watch for include potential impacts from technological advancements that may alter labour requirements, shifts in global supply chains, and economic policies affecting the sector. Monitoring these factors will be crucial for anticipating changes in labour costs.
