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Construction sector underpins solid job ad growth

Construction sector underpins solid job ad growth

Employment opportunities have maintained momentum in June with New Zealand’s leading employment marketplace, SEEK, revealing a 13.7 per cent increase in new job ad volumes compared with the same period last year (June 2013 – June 2014), underpinned by demand from the construction sector.

“While May saw new financial year recruitment strategies drive a 2.9 per cent spike in new jobs ads, June saw a slight dip of 1.7 per cent in seasonally-adjusted terms; returning job ad volumes to a sustainable rate of growth,” says Janet Faulding, General Manager SEEK New Zealand.

“New Zealand’s strong demand for labour saw more than 23,000 jobs posted to the SEEK website in June. Roles in construction, design and architecture are among the most in demand; coinciding with the country’s burgeoning construction sector,” says Ms Faulding.

New Zealand’s GDP has been steadily increasing at a rate of one per cent per quarter since July 2013 with an estimated two thirds of this growth attributed to New Zealand’s construction sector.

According to SEEK’s year-on-year data, the number of construction roles available in New Zealand have increased by 51 per cent, design and architecture by 38 per cent and real estate and property roles by 33 per cent.

Regions with significant construction or infrastructure projects, such as Auckland and Canterbury, also lead the country with year-on-year growth in the number of job ads advertised.

“Reconstruction efforts following the 2011 earthquake in the Canterbury region have spurred 84 per cent year-on-year growth in construction roles, while a 33 per cent spike in the number of construction roles in Auckland can be attributed to new residential developments,” says Ms Faulding.

“Wellington has also seen a 49 per cent year-on-year increase in construction roles, which can potentially be linked to the commencement of infrastructure projects in the Wellington Northern Corridor such as the Basin Bridge and Transmission Gully motorway. Some civil works projects to earthquake-proof local buildings are also underway in Wellington,” says Ms Faulding.

The SEEK Employment Index, which measures the ratio of new job ads placed with SEEK to the number of applications received for each job, fell sharply by 5.8 per cent, more than offsetting the rise of 4.2 per cent in May.

“SEEK has witnessed a 10.8 per cent surge in the number of applications received since the start of the year; offering hirers access to a healthy supply of candidates.

“The confidence of the construction sector will likely be buoyed by the decision of Fitch Ratings to upgrade the country’s financial outlook from stable to positive.

“Those looking to hire labour to support these projects should be confident in being able to access a strong pool of talent,” concludes Ms Faulding.

SEEK New Job Ads
The seasonally adjusted SEEK New Job Ads series fell by 1.7 per cent in the month from May 2014 to June 2014.

New job ads declined in Auckland (1.5 per cent), Wellington (3.2 per cent), Canterbury (2.1 per cent), “South Island – Other” (0.1 per cent), and “North Island – Other” (0.8 per cent).

SEEK Employment Index (SEI)
The SEI declined across New Zealand -5.8 per cent in the month from May 2014 to June 2014.

In June 2014, the SEI series fell in all regions: Auckland (5.1 per cent), Wellington (5.7 per cent), “North Island – Other” (2.4 per cent), Canterbury (10.6 per cent) and “South Island – Other” (14.9 per cent).

About SEEK

SEEK is a diverse group of companies, comprised of a strong portfolio of online employment, educational, commercial and volunteer businesses. SEEK is listed on the Australian Securities Exchange, where it is a top 50 company with a market capitalization close to A$6 billion.

With exposure to 2.5 billion people and over 20 per cent of global GDP, SEEK makes a positive contribution to people’s lives on a global scale.

SEEK New Zealand currently receives over 3.3 million visits per month. The SEEK experience is seamless across desktop, mobile and iPad and currently 40 per cent of all visits to seek.co.nz are via mobile devices.

Source: SEEK Omniture Data June 2014

About the SEEK Employment Index
Developed in consultation with Victoria University's Centre of Strategic Economic Studies, the SEEK Employment Index (SEI) is the first New Zealand aggregate indicator to measure the interaction between labour market supply and labour market demand.

Specifically, the SEI represents the relationship between demand for workers and jobseeker activity. When the Index increases, it demonstrates a 'tightening' employment market; where advertisers find it harder to fill roles (i.e.: demand outweighs supply). This is favourable for jobseekers, as job opportunities are greater and competition between applicants is reduced. Inversely, as the Index falls, it demonstrates a 'softening' employment market (i.e.: supply outweighs demand) and advertisers find it easier to fill roles. In this instance, jobseekers need to compete for the available jobs.

ENDS

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