Real estate hires at faster rate than any other sector

Real estate companies have been hiring at a faster pace than any other sector in the UK. Ten of the 14 industries tracked in Lloyds Bank’s UK Sector Tracker increased their headcount in August – the highest total since April 2023. Real estate hired at the fastest pace and posted the greatest growth in output, which Lloyds put down to “a boost in improving market conditions, pent-up demand and new business wins”. Thirteen sectors saw input costs rise. The tourism and recreation sector – pubs, hotels, restaurants and leisure facilities – saw costs rise at the fastest pace of any sector, driven by food, wages and price increases from suppliers. But nine of the 14 sectors registered cost inflation below the long-term average.  Nikesh Sawjani, senior UK economist at Lloyds Bank, said: “Our latest report shows that real estate firms and many other sectors are feeling confident when it comes to their own hiring intentions as they recruit to meet robust client demand. This should translate into higher output across more businesses, and provides an encouraging sign that the UK economy resumed growing in August having stagnated in June and July.”