Key Statistics: 21 July 2015

Construction

• Civil engineering costs have fallen over the last year according to the Building Cost Information Service (BCIS) of the Royal Institution of Chartered Surveyors (RICS). They estimate that costs fell by 1.4% in 2015 Q1 compared to both the previous quarter and to the same quarter a year earlier. However costs are forecast to rise from here on in, with increases of between 3 - 4.5% per year forecast until 2019; around 20% over the next five years combined. However this is forecast to be eclipsed by the rise tender prices, which BCIS expect to increase by 26% over the same period, including a 4.3% rise in the 12 months to 2016 Q1.

Economy

• The UK unemployment rate ticked up slightly during the three months to May, having fallen consistently over the last two years. The unemployment rate was estimated at 5.8%; up from 5.7% during the three months to February, but still well below the 6.6% rate of a year ago. Average earnings, excluding bonuses, were 2.8% higher than a year earlier; the strongest growth since early 2009.