The coronavirus pandemic brought about three national lockdowns, an abundance of people working from home and others furloughed. With this monumental shift in our lives, many started improving their homes, thus resulting in a boom within the construction and trade industries.
Today, Rhino wanted to look deeper into the effects on electricians, share our latest findings on what's changed in the industry and how we can help get your electricians insurance sorted!
The pandemic brought so many challenges for tradesmen. At first, we didn't know if we could work, and then suddenly, it was go time! After the first lockdown, the manufacturing and the electrical market fell 12% in value due to the disruption to work. Due to the sheer resilience of our electricians, they bounced back quickly, adapting new working practices initiating a speedy recovery!
After the almighty slump in early 2020, electricians found their salaries rose considerably until the festive period of 2020. After this short Xmas slump, the industry found that earnings increased by over 12% in February. Some electricians saw a weekly rise of over £1000.
The cause of this can be attributed to several things. A shortage of skilled workers is one. Secondly, interest rates are at a record low, with data showing the mortgage market in a strong position. The third is the government's commitment to infrastructure spending—all in all, resulting in a growing demand for electrical contractors across England and Wales.
Economic recovery for electricians and other tradesmen is one thing, but watching out for your welfare is another. A YouGov survey has found that many mental health issues have risen due to uncertainty in the industry.
The ECA (Electrical Contractors' Association) found a strong link between late payment and severe health issues - this ranged from suicidal thoughts, depression and panic attacks. Through research, we need some more conversation around this topic and the government needing to get tougher quickly with legislation on the issue.
Going green is undoubtedly on the agenda for electricians. With electricity being produced from renewable sources, the next ten years could be a significant opportunity for growth for our electrician friends.
There are optimistic predictions for the market. It's expected that as the economy bounces back, electricians work will continue with robust growth for the next two years. The adoption of new technologies will mainly underpin this in the quest for net-zero carbon. What's more, electricians ought to keep on the lookout for the growth in e-commerce businesses building warehouses and distribution hubs.
There are causes for concern with every positive, and we are still yet to see the tradesman industry return to pre-pandemic levels. This is mainly due to economic uncertainty, supply shortages, and price rises of materials caused by disruption to the supply chain.
We have your best interests at heart here at Rhino. We care for all the trades and have good, personal relationships with the people we cover! As always, we will try to keep you updated as updates are made. The pandemic may have seemed like a boom. Still, it's always beneficial to be prepared for any outcome, so expanding your knowledge on newer electrical technologies and keeping an eye on where the industry is heading is a great place to start.
We're here to support you with your electrician insurance so that you don't have to worry about it any longer. We have an Our specialist knowledge sets us apart from other insurance providers, from help during COVID-19 to broader industry changes such as these.
expert UK team who specialise in tradesman insurance ready and waiting six days a week to answer your questions or get you set up! If you're interested in learning more about our tradesman insurance policies, give us a call on 0116 243 7904 or send us a message.
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