New research conducted by Journo Research, in collaboration with global fintech group Plus500, has shed light on the industries in the United Kingdom experiencing the most significant surge in wages. According to their analysis of data from the Office for National Statistics' Wages and Salaries Survey, the manufacturing of textiles, leather, and clothing sector has emerged as the leader in wage growth.
Between December 2022 and December 2023, the average weekly earnings in the textile, leather, and clothing manufacturing industry skyrocketed from £489.18 to £549.41. This represents an impressive increase of 12.31%, the highest among all industries examined in the study.
Following closely behind is the agriculture, forestry, and fishing industry, which experienced a substantial rise in weekly earnings from £462.40 to £514.45, marking an 11.26% increase over the same period.
In third place is the real estate activities sector, where average weekly earnings surged from £632.48 to £703.64, reflecting an 11.25% rise.
The accommodation and food service activities industry clinched the fourth spot, with weekly earnings climbing from £296.12 to £325.71, representing a 9.99% increase.
Rounding out the top five is the manufacturing of basic metals and metal products industry, which witnessed a notable uptick in weekly earnings from £700.15 to £765.37, marking a 9.31% increase.
The findings of the study underscore the dynamic shifts occurring within the UK labor market, with certain industries experiencing remarkable wage growth within a relatively short timeframe.
Top Ten Industries with the Biggest Increase in Wages:
- Manufacturing – Textiles, Leather, and Clothing: £489.18 to £549.41 (12.31%)
- Agriculture, Forestry, and Fishing: £462.40 to £514.45 (11.26%)
- Real Estate Activities: £632.48 to £703.64 (11.25%)
- Accommodation and Food Service Activities: £296.12 to £325.71 (9.99%)
- Manufacturing – Basic Metals and Metal Products: £700.15 to £765.37 (9.31%)
- Information and Communication: £1,070.36 to £1,166.77 (9.01%)
- Administrative and Support Service Activities: £541.64 to £585.39 (8.08%)
- Retail Trade and Repairs: £379.09 to £405.17 (6.88%)
- Public Administration: £683.90 to £728.29 (6.49%)
- Financial & Insurance Activities: £1,489.82 to £1,583.41 (6.28%)
The comprehensive analysis provides valuable insights into the evolving landscape of wage trends across various sectors, highlighting areas of significant growth and potential opportunities for workers and businesses alike.