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30/04/2009
The Future's Getting Older' - Construction Workforce Shows Sign Of Ageing
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Research by the Chartered Institute of Building (CIOB) has shown that construction managers over the age of 60 are the fastest growing age group in the sector.
The research which looks at the impact of what an ageing population will have on the construction industry, revealed not only the implications for building, design and structure but also the effect on the workforce.
Michael Brown CIOB Deputy Chief Executive said: "There are two trends in particular that should be of concern for the industry. Firstly the total numbers of construction managers above the age of 60 has increased and the biggest reduction in workers fell in the under 30 group.
"The likely impact is as clear as it is worrying. A great deal of knowledge is about to be lost and fewer professionals are in line to replace it.
"There is also an indication that a significant proportion of the industry is not setting aside provisions for their retirement. The results have shown that a number of employees cannot afford to retire because of inadequate pension plans and no alternative financial investments to support them. Clearly more needs to be done to encourage construction professionals to invest in their futures."
The results show that 76% of all respondents (over 2,000 construction professionals took part) are aware of the challenges facing the construction industry as a result of the ageing population.
(CD/JM)
The research which looks at the impact of what an ageing population will have on the construction industry, revealed not only the implications for building, design and structure but also the effect on the workforce.
Michael Brown CIOB Deputy Chief Executive said: "There are two trends in particular that should be of concern for the industry. Firstly the total numbers of construction managers above the age of 60 has increased and the biggest reduction in workers fell in the under 30 group.
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"The likely impact is as clear as it is worrying. A great deal of knowledge is about to be lost and fewer professionals are in line to replace it.
"There is also an indication that a significant proportion of the industry is not setting aside provisions for their retirement. The results have shown that a number of employees cannot afford to retire because of inadequate pension plans and no alternative financial investments to support them. Clearly more needs to be done to encourage construction professionals to invest in their futures."
The results show that 76% of all respondents (over 2,000 construction professionals took part) are aware of the challenges facing the construction industry as a result of the ageing population.
(CD/JM)
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