{"id":182,"date":"2021-04-27T14:42:00","date_gmt":"2021-04-27T14:42:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/cost-of-covid-to-construction-industry\/"},"modified":"2025-12-17T14:47:02","modified_gmt":"2025-12-17T14:47:02","slug":"cost-of-covid-to-construction-industry","status":"publish","type":"page","link":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/cost-of-covid-to-construction-industry\/","title":{"rendered":"Tradespeople expect Covid-19 to cost them \u00a318,039 on average, but remain confident about recovery"},"content":{"rendered":"\n<div class=\"wp-block-group alignfull has-no-margin hero-bg has-global-padding is-layout-constrained wp-block-group-is-layout-constrained has-background\" style=\"padding-top:var(--wp--preset--spacing--150);padding-bottom:var(--wp--preset--spacing--150);background-image:url(&apos;https:\/\/www.simplybusiness.co.uk\/wp-content\/themes\/simply-business-uk\/assets\/images\/faq-bg.png&apos;);background-size:cover;\">\n<h1 class=\"wp-block-heading has-text-align-center has-azure-700-color has-text-color has-link-color has-max-huge-font-size wp-elements-8384189d388a68b576f8308d578a6e92\">Tradespeople expect Covid-19 to cost them \u00a318,039 on average, but remain confident about recovery<\/h1>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Tradespeople expect Covid-19 to cost them \u00a318,039 on average, but remain confident about recovery<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">Covid-19 has already cost self-employed tradespeople \u00a314,722 each on average, \u2013 but owners expect total losses to reach \u00a318,039 on average<\/li>\n\n\n\n<li class=\"wp-block-list-item\">But despite the challenges, tradespeople remain optimistic about recovery<\/li>\n\n\n\n<li class=\"wp-block-list-item\">80% of business owners within the trade expect to continue or restart their current business \u2013 while around one in 10 (8%) will remain self-employed but will look to start a new\/different business<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Two fifths (40%) say the vaccine rollout has made them more confident about levels of work going back to normal and one third (33%) remain confident about life after lockdown<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Covid-19 will cost tradespeople \u00a318,039 each on average in lost earnings \u2013 but small business owners in the trade remain confident about their recovery, new research reveals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A survey of 259 self-employed tradespeople and small construction business owners, by small business insurance provider Simply Business, reveals that tradespeople have already lost out on \u00a314,722 on average \u2013 with a year of lockdowns and restrictions taking its toll.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The survey comes as the latest figures reveal the construction industry is playing a key role in the UK\u2019s recovery \u2013 as the fastest growing sector of the UK\u2019s Covid-hit economy, with a 1.4% rise in the last month alone.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">A level of optimism remains among tradespeople<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the financial hit, many tradespeople retain a sense of optimism for the future. The vaccine rollout has boosted confidence \u2013 with two fifths (40%) saying that the rollout has made them more confident about levels of work picking up. Around one third (33%) also say the government\u2019s roadmap out of lockdown has given them sufficient reassurance to plan the future of their business, and two fifths (38%) even remain optimistic about life after lockdown.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, 80% of self-employed tradespeople plan to continue or restart their current business, and one in 10 (8%) will remain self-employed but intend to start a new business \u2013 showing the clear resilience among the trade.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How tradespeople have spent their time in lockdown<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Tradespeople have also made the most of free time in lockdown, spending more time with family where they can (63%), resting (37%), and generally focusing on themselves (31%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Whats more, many have taken the opportunity to boost future earning potential \u2013 learning new skills (8%), and adopting new technologies to help with business operations (6%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Alan Thomas, UK CEO at Simply Business comments:<\/strong>&nbsp;<em>\u201cCovid-19 has had a significant impact on the self-employed, and that\u2019s no different for tradespeople \u2013 who have already lost \u00a314,722 each on average as a result of the pandemic.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cWhile that is a huge collective loss to the economy, we should more importantly recognise the impact such a financial hit will have had on so many individual lives, families, and futures.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cHowever, it is encouraging to see that \u2013 despite the challenges of the last year \u2013 tradespeople and the construction industry as a whole remain resilient. Construction is the fastest growing sector in the UK, and what\u2019s more our survey reveals that many tradespeople up and down the country are optimistic about their futures.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cTradespeople will play a key role in the rebuilding of our economy and communities, and their resilience in the face of such challenges should give us all confidence that we\u2019re on the right tracks to recovery.\u201d<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">-Ends-<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Methodology:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Data: Survey of 259 small construction business owners from across the UK, conducted March 2021<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">For further information, please contact:<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Frank PR<br><a href=\"mailto:SimplyBusiness@welcometofrank.com\" target=\"_blank\" rel=\"noreferrer noopener\">SimplyBusiness@welcometofrank.com<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading wp-block-block\">About Simply Business<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" href=\"https:\/\/urldefense.com\/v3\/__http:\/simplybusiness.co.uk__;!!N96JrnIq8IfO5w!hIDMrGse3KHfJu5_CiqiOsFWnj8k1HROe8Oqz7zCb7P2qVQXkH81IbN1SpIhNqbbhmdQrc22NsXe3U9O5ajDdkHOTa_CgxPfLGQ$\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Simply Business<\/a>\u202fis one of the UK\u2019s biggest business insurance providers, specialising in public liability insurance for small and midsize enterprises. Launched in 2005, Simply Business provides an online brokerage service, delivering policies tailored to individual business requirements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Using the power of tech and data to create the best possible customer experiences, Simply Business employs over 1,200 people across offices in London and Northampton, UK; and in Boston, Massachusetts; and Atlanta, Georgia, in the U.S. Owing to the insurance provider\u2019s internal underwriting capability and expert panel of insurers, Simply Business can cover over 1,200 trade types \u2013 ranging from plumbers to accountants to dog walkers.\u202fIts UK brand campaign \u2013 \u2018<a target=\"_blank\" href=\"https:\/\/urldefense.com\/v3\/__https:\/www.simplybusiness.co.uk\/campaign\/small-businesses-deserve-our-best\/__;!!N96JrnIq8IfO5w!hIDMrGse3KHfJu5_CiqiOsFWnj8k1HROe8Oqz7zCb7P2qVQXkH81IbN1SpIhNqbbhmdQrc22NsXe3U9O5ajDdkHOTa_CxklTDMU$\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Simply The Best<\/a>\u2019 \u2013 aims to help UK small businesses feel \u2018the best\u2019 about their business insurance.<\/p>\n\n\n\n<div class=\"wp-block-group has-azure-800-color has-cyan-100-background-color has-text-color has-background has-link-color wp-elements-101cbde2ee0c57c7d6d0d48cbb8134b8 has-global-padding is-layout-constrained wp-container-core-group-is-layout-80fb368b wp-block-group-is-layout-constrained\" style=\"border-radius:8px;padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<p class=\"has-text-align-center wp-block-paragraph\">We create this content for general information purposes and it should not be taken as advice. 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\u00a318,039 on average, but remain confident about recovery Tradespeople expect Covid-19 to cost them \u00a318,039 on average, but remain confident about recovery Covid-19 will cost tradespeople \u00a318,039 each on average in lost earnings \u2013 but small business owners in the trade remain confident about their recovery, new research reveals. 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