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SURVEY HIGHLIGHTS

l Construction output in the second quarter of 2003 was 5 per cent higher than the previous quarter, and 7 per cent higher than the second quarter 2002.

l Construction output is forecast to increase by 4.7 per cent this year, by 2.2 per cent in 2004 and by 2.9 per cent in 2005.

l Skilled labour costs rose by 1.6 per cent in the past three months and by 6 per cent since September 2002.

l Commercial and industrial sectors face a slowdown.

Infrastructure output is expected to rise by 7 per cent this year,7 per cent in 2004 and by 4 per cent in 2005.

l Investment in health and education is set to boost public non-housing sector output with rises of 18 per cent this year and a further 11 per cent in 2004 and 8 per cent in 2005.

lRepair and maintenance output to rise by 3.5 per cent this year,2.7 per cent in 2004 and by 2.7 per cent in 2005.

l Tender prices forecast to rise nationally by 3.8 per cent during the next year and by 3.6 per cent in the year to the third quarter of 2005.

l Tender prices in London to rise by 4.2 per cent during the next year and by 4 per cent in the following year.

l Civils tender prices to rise by 4 per cent during the next year with a further 3 per cent rise in the year to the third quarter of 2005.

l Underlying rate of retail price inflation expected to run at 2.5 per cent this year,2.3 per cent in 2004 and thereafter to average 2.4 per cent through to the end of 2007.

l Economic growth in the UK to rise by 1.8 per cent this year, 2.4 per cent in 2004 and thereafter to average 2.5 per cent through to the end of 2007.

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