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Contractors to benefit from automotive industry boom

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According to a new report, contractors in the engineering sector are expecting most new job opportunities to be in the automotive industry, over the next year.

The recent survey, which has been carried out by Giant Group, found that 23% of engineering contractors expect a growth in jobs in the automotive sector over the following 12 months.  These figures are up from just 10% this time last year.

Managing Director of Giant, Matthew Brown, said of the findings, “The UK’s car building industry is going through a renaissance – it’s a reversal of decades of decline.  Recent investments by car companies in their UK plants have been a huge vote of confidence in the industry and UK automotive contractors.”

He added, “Jaguar Land Rover’s increased investment in the manufacture of new models at UK plants has led to the creation of over 1,000 new jobs, including opportunities for contractors.”

Other large-scale investments in UK facilities, from the likes of Mini, Nissan and Honda, have also contributed to similar job creations.

Giant has also reported that engineering contractors are increasingly valuing the security of long-term contracts, rather than higher pay per hour.  This year, 77% of contractors preferred long-term contracts to higher pay, compared to 59% in 2011.

Matthew Brown said, “Contract work has many advantages, with typically more generous pay for shirt-term contracts.  However, with the jobs market going through a sluggish period, it is not surprising that contractors are increasingly keen to find the security of a long-term contract.”

Please visit our Contractor News page for all other news. To discuss this story further visit our SJD Accountancy Blog.

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