New research discloses significant wage growth in key UK industries, spearheaded by the Mining and Quarrying sector.
- The Mining and Quarrying industry led with a 12.95% increase in average weekly earnings over the last year.
- Administrative and Support Service Activities marked a notable growth with a 12.66% rise in wages within one year.
- Professional, Scientific & Technical Activities experienced a 9.15% increase, alongside the highest five-year rise among top sectors.
- Education saw a steady 7.4% wage growth, maintaining upward trends across the sector.
In a comprehensive analysis by UK trading platform CMC Markets, the Mining and Quarrying industry was highlighted for achieving the highest annual increase in wages. Average weekly earnings rose from £1,203 in January 2022 to £1,382 in January 2023, marking a significant 12.95% increase. This sector also saw a rise of 13.82% in earnings over five years, underscoring its consistent upward trajectory.
The Administrative and Support Service Activities industry followed closely with its own impressive wage growth. Within the span of a year, earnings climbed from £490 to £561, reflecting a 12.66% increase. Over a five-year period, this sector experienced a remarkable 26.56% rise, showcasing its sustained expansion and contribution to the economy.
The Professional, Scientific & Technical Activities industry also made significant gains, registering a 9.15% increase in average earnings from January 2022 to January 2023. Earnings rose from £854 to £940, coupled with a five-year increase of 27.87%, the highest among the top ten, indicating robust long-term growth.
In the manufacturing sector, particularly Chemicals and Man-made Fibres, there was notable progress with an 8% increase in average weekly earnings. Salaries advanced from £817 in January 2022 to £888 in January 2023, also reflecting a five-year growth of 16.67%, affirming the industry’s enduring resilience.
The Education industry demonstrated steady progress, with wages increasing by 7.4% over a year. From January 2022 to January 2023, average weekly earnings rose from £488 to £527, and over five years, there was a 17.27% rise, highlighting the consistent investment in the sector.
Other sectors such as Basic Metals and Metal Products, Engineering, and Allied Industries, as well as Electricity, Gas and Water Supply, experienced moderate increases. Similarly, the Information and Communication industry, despite registering a comparatively lower one-year growth rate of 5.49%, showed a substantial five-year rise of 21.40%.
The data reflects a consistent upward trend across varied industries in the UK, highlighting economic resilience and sectoral growth.
