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Engineering contractors positive about future prospects

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A new study looking into engineering contractors has revealed that the sector’s community is experiencing a surge of confidence.

Looking at reports over the past couple of months, it’s no wonder that there is such a positive feeling within the engineering industry, as it seems that they are very much in demand, along with those in the construction sector.

A survey by the Association of Professional Staffing Companies (APSCo), reported at the end of August, revealed that the engineering sector, fuelled by the increase in energy projects, is continuing to perform strongly showing a 17% month on month increase in permanent roles and a 22% increase in contract roles. 

At the time of the Monthly Trends release, Ann Swain, Chief Executive of APSCo, commented, “It is encouraging to see such an upswing in a sector that has suffered so much in the last few years.

“The ongoing resilience of the engineering sector is obviously being driven by the huge increase in activity in the upstream oil and gas arena but as this is a global industry, the UK does have to compete heavily for talent with other locations – all of which need the same skill sets.”

The recent survey, carried out by Giant Group, has shown that 26% of engineering contractors felt more secure within their role compared to this time last year, with only a small number feeling less confident. 

The findings also show that there has been a significant decrease in the number of days contractors are going without a contract.  Overall, the majority of respondents said that they had, on average, a gap of 31 days or less between contracts.  Those reporting more than 91 days gap has halved compared to a similar survey taken two years ago. 

What’s life really like as a contractor? Visit our Life as a Contractor case studies hub for real life stories on working through your own Limited company, taking money out of your Limited company, understanding IR35 and much more. 

Considering switching accountants, or just have some general enquries about contracting, speak to a member of our New business team 01442 275789 or email: newbusiness@sjdaccountancy.com

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