Menu
08/01/2003
Construction tender prices outstrip inflation
The price of new construction work rose in excess of five times the rate of general inflation in the year to third quarter 2002, according to the latest tender price index compiled by the Building Cost Information Service (BCIS).
Tender prices rose by 8.5% between Q3 2001 and Q3 2002, with general inflation only rising by 1.6% over the same period. Input costs over the period rose by 5.1%. Tender prices fell by 1.0% in Q3 2002 compared with the previous quarter but tender prices rose very sharply between the first and second quarters of 2002.
Peter Rumbles of BCIS commented: "The fall in tender prices in Q3 2002 compared with the previous quarter could be as a result of contractors overestimating the cost effect of the Aggregate Levy in tenders in the early part of Q2 2002, and some uncertainty about the commitment of future public spending prior to the Chancellor's Pre-Budget Report.
"However, despite the economy as a whole not doing as well as expected this year, the Chancellor, in his recent Pre-Budget Report, reaffirmed his public spending commitments laid out in the 2002 Comprehensive Spending Review."
Strong growth in new work output so far in 2002 suggests that growth for the whole of 2002 will be considerably higher than its long-term annual trend rate of 2%. In 2003, new work output is expected to continue to grow well ahead of trend, rising above but closer to trend in 2004.
Peter Rumble concluded: "Annual tender prices are likely to continue to outstrip inflation over the next two years due to strong growth in new work output and above inflation input cost increases."
(CL)
Tender prices rose by 8.5% between Q3 2001 and Q3 2002, with general inflation only rising by 1.6% over the same period. Input costs over the period rose by 5.1%. Tender prices fell by 1.0% in Q3 2002 compared with the previous quarter but tender prices rose very sharply between the first and second quarters of 2002.
Peter Rumbles of BCIS commented: "The fall in tender prices in Q3 2002 compared with the previous quarter could be as a result of contractors overestimating the cost effect of the Aggregate Levy in tenders in the early part of Q2 2002, and some uncertainty about the commitment of future public spending prior to the Chancellor's Pre-Budget Report.
"However, despite the economy as a whole not doing as well as expected this year, the Chancellor, in his recent Pre-Budget Report, reaffirmed his public spending commitments laid out in the 2002 Comprehensive Spending Review."
Strong growth in new work output so far in 2002 suggests that growth for the whole of 2002 will be considerably higher than its long-term annual trend rate of 2%. In 2003, new work output is expected to continue to grow well ahead of trend, rising above but closer to trend in 2004.
Peter Rumble concluded: "Annual tender prices are likely to continue to outstrip inflation over the next two years due to strong growth in new work output and above inflation input cost increases."
(CL)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
07 March 2002
Halifax report continuing rise in house prices
House prices in the UK have risen by almost 17 per cent according to the latest survey figures released by the Halifax. The report, published on Thursday 7 March, has shown that in February, property prices rose by more than one-sixth on the same time a year earlier – representing the fastest annual rate of growth in 12 years.
Halifax report continuing rise in house prices
House prices in the UK have risen by almost 17 per cent according to the latest survey figures released by the Halifax. The report, published on Thursday 7 March, has shown that in February, property prices rose by more than one-sixth on the same time a year earlier – representing the fastest annual rate of growth in 12 years.
16 November 2004
Rise in petrol prices drives up inflation rate
Recent rises in energy costs, particularly in petrol prices, have seen the inflation rate top 1.2% for October, according to the Office of National Statistics (ONS). Increasing crude oil costs saw prices at the pumps gain an average of around 2p per litre, pushing the CPI inflation rate – the government's target measure – up by 0.
Rise in petrol prices drives up inflation rate
Recent rises in energy costs, particularly in petrol prices, have seen the inflation rate top 1.2% for October, according to the Office of National Statistics (ONS). Increasing crude oil costs saw prices at the pumps gain an average of around 2p per litre, pushing the CPI inflation rate – the government's target measure – up by 0.
30 May 2002
Nationwide reveal further rise in UK house prices
The latest survey from the Nationwide Building Society has revealed that British house prices rose in May to their highest annual rate in 13 years. Overall, house prices rose by 2.1% during the month, taking their annual growth rate to 17.9% - the highest since the boom of the late 1980s.
Nationwide reveal further rise in UK house prices
The latest survey from the Nationwide Building Society has revealed that British house prices rose in May to their highest annual rate in 13 years. Overall, house prices rose by 2.1% during the month, taking their annual growth rate to 17.9% - the highest since the boom of the late 1980s.
21 August 2014
Firms Given Help To Construct Tender Bids More Successfully
A new wave of the council's Smarter Procurement Programme is now open to help businesses develop skills to construct tender bids more effectively. The programme will support up to 20 small companies or social enterprises in Belfast with little or no experience of trading with the public sector.
Firms Given Help To Construct Tender Bids More Successfully
A new wave of the council's Smarter Procurement Programme is now open to help businesses develop skills to construct tender bids more effectively. The programme will support up to 20 small companies or social enterprises in Belfast with little or no experience of trading with the public sector.
06 March 2009
'Red Tape' Reduction Welcomed
There has been a welcome for a new, simplified tendering process for Northern Ireland businesses. A member of Stormont's Enterprise, Trade and Investment Committee, Robin Newton, greeted yesterday's announcement by Finance Minister Nigel Dodds of a new, simplified electronic tendering system.
'Red Tape' Reduction Welcomed
There has been a welcome for a new, simplified tendering process for Northern Ireland businesses. A member of Stormont's Enterprise, Trade and Investment Committee, Robin Newton, greeted yesterday's announcement by Finance Minister Nigel Dodds of a new, simplified electronic tendering system.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
