Key Statistics: 17 December 2013

Construction

• Output in the construction industry in the three months to October rose by 6.4% compared to a year ago, and by 2.5% compared to the preceding three months, according to the Office for National Statistics. This came from annual rises of over 6% for both new build and repair and maintenance work. The ONS also revised upwards figures from January 2012 to September 2013; output is now estimated to have increased by 1% during the first three quarters of 2013. Previous releases estimated a minor 0.2% fall during this period. 
• Royal BAM topped Glenigan’s November contractor league table, winning £302.2m of work during the month from 19 deals.

Economy

• Wages in the UK rose below the rate of inflation in the year to April 2013, according to the ONS. This is the fifth consecutive year that inflation has exceeded wage growth, however the gap has narrowed: CPI inflation was 2.4% over the year while median pre-tax pay rose by 2.1% to £27,000.
• The British Chambers of Commerce have forecast that UK GDP will grow by 2.7% in 2014, finally surpassing the pre-crisis peak. The BCC now expect unemployment to reach the Bank of England’s 7% threshold in the third quarter of 2013, one quarter earlier than previously expected. 
• UK house price sentiment has reached a five year high in December, according to research by Knight Frank and Markit. The index is calculated from the balance of respondents who perceive that the value of their homes has risen in the last month. Expectations of future price rises are also high but were below October’s post-crisis peak.