Key Statistics: 15th October 2013

Construction

• Output in the construction industry in August rose 4% compared to August 2012 and fell by 0.1% compared to July 2013, according to the Office for National Statistics. This rise was mainly driven by an 8% increase in private commercial and an 18% rise in private housing work. 
• The Federation of Master Builders’ state of trade survey reported improving activity and prospects for small and medium enterprises in 2013 Q3. A positive balance of firms have increased their workforce for the first time since 2007 Q4. Firms also reported increases in workloads and expectations for continued growth in activity. 69% of firms expect material costs to rise over the next six months.  

Economy

• There were 61,300 house purchase loans made in August, an increase of 7% on July and of 15% on August 2012. Loans to first time buyers increased by 33% compared to August 2012. These figures from the Council of Mortgage Lenders reflect increasing confidence and activity in the UK housing market.
• The number of visits to the UK from overseas residents in the three months to August was 11% higher than the same three months last year, with visits this year to date up 5% relative to the same stage last year, according to the International Passenger Survey. Visits from countries outside North America and Europe have increased by 13% this year to date. 
• The UK’s deficit on trade in goods and services was £3.3bn in August, down from £3.4bn in July and £3.9bn in August 2012. Total exports of goods increased despite a decrease in exports to the EU. The balance of trade in goods was -9.6%, and the balance of trade in services was £6.3bn.