The estimate for construction output is based on published data for the first two months of the quarter, and an estimation for the third month.

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According to the sources, PWC found that the bank only asked that a construction valuer look at what has been done to estimate the project's worth.

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However, it is possible and important to estimate long-term expected returns in portfolio construction.

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The budget for stadium construction and renovation has risen by over 60% from the initial estimate.

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The estimate also contained an arithmetical error which significantly increased estimated construction rates.

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Developers estimate the project will create 600 to 1, 000 jobs during construction and 150 full time jobs once complete.

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This index fell by six points in May to 45, its lowest since 1995. (A score below 50 suggests that more builders reckon the market is poor than think it good.) Economists at Goldman Sachs estimate, from the fall in the homebuilders' index, that construction will fall at an annual rate of 10-15% in the next four quarters.

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It is quite possible that the economy is stronger than the official statistics suggest: in fact, we already know that construction and industrial output were stronger in June than the ONS expected when they came up with their first estimate for the change in GDP in the second quarter.

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