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2008 Recession Essay

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The 2008 recession was the tipping point with regards to the UK construction industry’s skills shortage (Sullivan & Paton,2015). Years leading up to the recession had highlighted the unresolved issue that there was a lack of skilled trade workers entering in the sector which peaked during the 2008 recession. The result was that many workers who were laid off, never to return to the sector. Bruce Boughton, people development manager at Lovell Partnership, emphasises this, saying: "Before the recession, you had staff who had been working for 10 or 20 years. As many of them were laid off, there was a big shortage of experience on workforces” (Roberts, 2014). The knock-on effect of this was that there were insufficient numbers of trade workers …show more content…

Historically, production from the UK construction industry has always been poorer than the rest of the UK economy (As shown in figure 2.1). National Building Specification (NBS), a leader and advocator of digitalising the construction industry, have highlighted that the sector has not seen any significant growth in productivity in the last 20 years (RIBA, 2014), and as figure 2.1 emphasises the recession of 2008 hit the industry far harder than other sectors in the …show more content…

This was particularly evident in self-employed workmen where lack of training and development drove up the number of self-employed tradespersons who faced an ‘earn or learn’ dilemma (Only 27% of businesses in wider construction said they had a training plan and 19% had a training budget (UK Government, 2013). This was because they had the choice of either working to keep their company in business or reducing their income to conduct training where they risked of putting themselves out of

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The author Andrew Curry thinks that workers today are unfulfilled because they would rather work a job they do not like and earn more money than work a job that they are passionate about and earn less. He also talks about how people seem to work more than relax in today's age like when he says “instead of working less, our hours have stayed steady or risen.” (Curry, Kirszner and Mandell 399) the evidence that he uses to connect his view is the amount of people who complain about their jobs. Nowadays everyone knows a person that constantly complains about his or her job but they still work that same job because of the financial gain. Many people today hate the job they work but that same job is the reason they have a car, house etc.

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The American economy has undergone ups and downs deriving from an economic crisis. The Great Depression and Great Recession are two major examples of how the economy can take a massive dip, causing unemployment rates to skyrocket. When businesses suffer, they aren’t able to provide or create jobs leading to higher unemployment rates. To assist in a weak economy, government intervention may be needed to fix the circular flow. By inserting money into the economy, businesses and households will be repaired and their role within circular flow will be restored.

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