Key Statistics: 1st April 2014

Construction

• The Glenigan Index for March was 15% higher than a year ago, driven by double digit growth across the residential, non-residential and civil engineering sectors. The Index, measuring the value of all UK construction projects starting on site worth between £250,000 and £100m in the first quarter of 2014, shows that private sector activity is set to fuel further growth, with particular strength in new private housing and commercial work.
• Research by Glenigan shows that 242 construction projects were shelved in the first two months of 2014, a 37% decrease compared to the same period of 2013. In total development stalled on £2.1bn worth of schemes, down from £3.5bn a year ago.
• The number of new homes being registered dipped in February, falling to 10% lower than February 2013, according to NHBC statistics. However the ongoing trend remains positive with 29,557 registrations in the three months to February, a 14% rise on the same period a year ago. NHBC said February’s dip was likely to be a result of the adverse weather.

Economy

• The UK inflation rate fell further in February to 1.7%, as measured by the ONS’ Consumer Price Index.
• UK economic growth in March slowed to its lowest rate for eight months, according to the latest CBI Growth Indicator. However the survey found that growth remains strong, and firms are optimistic about the second quarter of 2014. 
• Retail sales volumes in February were 1.7% higher than January and 3.7% higher than a year before, according to the ONS. Separately, the CBI estimates that the rate of sales growth slowed in March; the sales balance of their Distributive trades survey fell to its lowest level since November, down from February’s 21 month high.