Key Statistics: 21 January 2014

Construction

• Tender prices are expected to rise this year by 4% in London and 2% in the rest of the UK, according to forecasts by EC Harris. Tender prices are expected to rise further in 2015, by 6% in London and 4% in the rest of the UK. 
• The value of stalled projects in 2013 fell to the lowest level since the start of the recession, according to figures released by Glenigan. In total, £12 billion of potential projects were put on hold last year, compared to £47 billion in 2012 and a peak of £80 billion in 2009.

Economy

• UK inflation, as measured by the Office for National Statistics Consumer Price Index, fell to the Bank of England’s 2% target, for the first time in over four years, in large part due to falling global commodity prices. This fall will ease pressure on real wages, and has pushed back expectations of when the Bank of England will raise interest rates.
• Strong growth in the sales of smaller retailers saw retail sales in December up 2.6% on November and up 5.3% on a year ago. However concerns remain that rising consumer spending has been funded by increased household debt as real wages continue to fall.