Key Statistics: 16 Dec 2014

Construction

• Construction output in the three months to October fell by 0.3% compared to the previous months, and was 3.4% higher than a year ago, according to the Office for National Statistics. The UK Statistics Authority has suspended the designation of these figures as National Statistics due to a failure by government to meet their requirements of improving construction price and cost indices that are used in the ONS’ estimations. 
• Construction is expected to see the strongest level of hiring since Q4 2007 in the first quarter of 2015, according to the latest Manpower Employment Outlook survey. A positive balance of +9% of respondents expect to grow payrolls during the period.

Economy

• Growth in UK manufacturing output ticked up slightly in the three months to October, according to ONS figures. Output expanded by 0.5% on the previous three months; the strongest rate of quarterly growth seen since June of this year. Output was estimated to be 2.3% higher than a year earlier, on a par with recent months but below the rate of around 3% seen during the first half of 2014.
• House price growth slowed to an 18-month low in the three months to November, according to the Royal Institute of Chartered Surveyors (RICS). Their monthly house price index dropped to +13, from +20 in October. Surveyors on average expected that reforms to Stamp duty will boost the number of transactions in 2015 by between 2 and 5 percent. The changes, announced in the Autumn Statement, will result in lower stamp duty costs for around 90% of home buyers.