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1. ECONOMIC INDICATORS

 

UK

  • UK gross domestic product in volume terms was estimated to have increased by 0.6% in Q4 2014; revised up 0.1% from the previously published estimate.
  • CPI annual inflation was 0.0% in March 2015, unchanged from February 2015.
  • For the three months ending January 2015, 73.3% of people aged from 16 to 64 were in work, up from 72.1% for a year earlier. The unemployment rate for the three months ending January 2015 was 5.7%, down from 7.2% for a year earlier.
  • UK house prices increased by 7.2% in the year to February 2015, down from 8.4% in the year to January 2015.
  • Production output increased by 0.1% in February 2015, compared with February 2014.
  • Manufacturing output increased by 1.1% in February 2015, compared with February 2014.
  • In the year to March 2015 the output price index for home sales of manufactured products fell 1.7%. In the same period the total input price index fell 13%.
  • In February 2015, output in the construction industry was estimated to have decreased by 0.9% compared with January 2015.
  • The Index of Services increased by 3.2% in January 2015 compared with January 2014.
  • Retail sales in January 2015 were estimated to have increased by 5.4% compared with January 2014. In January 2015, the amount spent in the retail industry increased by 2.3% compared with January 2014 and fell by 1% compared with December 2014. Data show that the average weekly spend in the retail industry in January 2015 was £6.5 billion, compared with £6.3 billion in January 2014 and £9 billion in December 2014.
  • Business Investment fell by an estimated £0.4 billion (0.9%) since Q3 2014. It increased by 3.7% compared with the same quarter a year ago.
  • The UK’s deficit on seasonally adjusted trade in goods and services was £2.9 billion in February 2015. The deficit on trade in goods was £10.3 billion. The surplus on trade in services was estimated at £7.5 billion.
  • The United Kingdom’s (UK) current account deficit was £25.3 billion in Q4 2014, down from a revised deficit of £27.7 billion in Q3 2014. The deficit in Q4 2014 equated to 5.6% of GDP at current market prices, down from 6.1% in Q3 2014.
  • The number of visits to the UK by overseas residents in February 2015 was 2.1 million, a drop of 5% when compared to February 2014. Overseas residents spent £1 billion in the UK during these visits. During the period December 2014 to February 2015, overseas residents’ visits to the UK fell by 2% compared with the corresponding period a year earlier and spent 8% less during this period. In the 12 months to February 2015, the number of visits to the UK was 4% higher than a year earlier and earnings remained the same during this period.
  • The estimated number of visits abroad by UK residents in February 2015 was 3.4 million. UK residents spent £2 billion during visits abroad in February 2015. In the 12 months to February 2015, the number of visits abroad by UK residents was 3% higher when compared with a year earlier and expenditure on these visits remained the same during this period.

 For previously released UK economic indicators visit National Statistics: Link

 

LONDON

  • London’s annual growth in output was 3.9% in Q3 2014, unchanged from an upwardly-revised estimate in Q2 2014.
  • For the three months ending February 2015, 73.4% of people aged from 16 to 64 were in work, up from 72.4% for a year earlier. The unemployment rate for the three months ending February 2015 was 5.6%, down from 6.9% for a year earlier.
  • Annual house price inflation in London was 15.3% in Q4 2014, down from 18.9% in Q3 2014.
  • The claimant count unemployment rate in London stood at 2.2% in February 2015 down from 2.3% in January. There were 119,300 seasonally adjusted unemployment claimants in London in February 2015 compared to a downwardly-revised 822,200 in January 2015.
  • The Purchasing Managers’ Index (PMI) of business activity recorded 58.9 in February 2015, down from 59.8 in January 2015.
  • The PMI for new orders for London firms recorded 61.2 in February 2015 compared to 61.5 in January 2015.
  • The PMI for the level of employment in London firms was 57.1 in February 2015, compared to 58.3 in January 2015.
  • The RICS Residential Market Survey shows a negative net balance of -28 for London house prices over the three months to February 2015.
  • The net house price expectations balance in London was -13 in February 2015.
  • For Greater London, the consumer confidence score stood at 7 in February 2015, unchanged from January 2015.
  • The most recent 28 day period is from 4 January to 31 January, 2015. London’s Underground and buses had 277.8 million passenger journeys; 177.6 million by bus and 100.2 million by Underground.
  •  The moving average annual rate of growth in passenger journeys decreased to 1.6% from 2.2% in the previous period. 

For more information please visit: Link

 

US  

  • Real gross domestic product increased at an annual rate of 2.2% in the Q4 2014. In Q3 real GDP increased 5%. Corporate Profits decreased $30.4 billion in Q4 2014 and fell $17.1 billion for 2014 overall.
  • In February 2015, personal income increased $58.6 billion, or 0.4%, disposable personal income (DPI) increased $54.2 billion, or 0.4% and personal consumption expenditures (PCE) increased $11.8 billion, or 0.1%. 
  • The goods and services deficit was $35.4 billion in February, down $7.2 billion from $42.7 billion in January, revised. February exports were $186.2 billion, $3. billion less than January exports. February imports were $221.7 billion, $10.2 billion less than January imports.
  • The U.S. net international investment position decreased 12.8% in Q4 2014, compared with a decrease of 11.9% percent in Q3.
  • The U.S. current-account deficit increased to $113.5 billion, or 2.6% of GDP in Q4 2014, from $98.9 billion (revised), or 2.2% of GDP in Q3. For the full year 2014, the U.S. current-account deficit increased to $410.6 billion from $400.3 billion in 2013. The deficit was 2.4% of GDP in both 2014 and 2013.

  For previously released US economic indicators visit US Bureau of Economic Analysis (BEA): Link

 

 NY

  • Private employment in New York City rose by 2,400 between January 2015 and February 2015.
  • The unemployment rate rose to 6.6% between January 2015 and February 2015.
  • The Manhattan Class A office vacancy rate was 8.8% in February 2015, while the average asking rent was $77 PSF.
  • Hotel occupancy was 74.3% in January 2015, down from 80.1% in January 2014.
  • Passengers in New York City area airports totaled 8.4 million in January 2015, up 2.0% from January 2014.
  • In February 2015, the Manhattan Class A direct vacancy rate stayed constant at 8.8% while the average rental rate increased to $77 PSF.
  • The direct vacancy rate for Midtown fell to 8.3%, while the corresponding rental rate decreased by $1 PSF between January and February 2015. The direct vacancy rate for Downtown Class A office space rose to 12.1% while rental rates increased to $63 over the period.
  • The Manhattan Class A sublease vacancy rate was 1.4% in February 2015—down from 1.7% a one month prior.
  • For the twelve months ending February 2015: Building projects (including new, additions, and alterations) that started construction in NYC fell by 1.2% while infrastructure (non-building) project starts were down 5.6% from the twelve months ending February 2014.
  • Planned space for building project starts rose by 10.8% from the same period in 2014. The value associated with these projects was up 40.7% over the period.
  • 2,960 residential building project starts began construction, a 0.2% increase from the twelve months ending in February 2014. These starts contained 24,620 units, an increase of 0.3% from last year.
  • In January 2015, 8.4 million passengers flew into and out of the region's airports, an increase of 2% from January 2014.
  • Domestic air carriers accounted for 5.4 million passengers, a 1.9% increase from January 2014.
  • 3 million passengers traveled with international air carriers in January 2015, a 2.1% increase from January 2014.
  • Total ridership on MTA subways, trains and buses in January 2015 was 205.9 million, a decrease of 2.5% from January 2014.
  • Subway ridership in January 2015 was 133.8 million, down 2.5% from January 2014.
  • Total Broadway attendance was approximately 863,130 during the four weeks ending March 22, 2015, down 8.6% from the same period last year.
  • Broadway revenues during this period were about $86.1 million, down 5.1% from last year.
  • In January 2015, the average daily hotel room rate was $230, a 5.2% decrease from January 2014.
  • Hotel occupancy was 74.3% in January 2015, down from 80.1% in January 2014.
  • The average daily hotel room rate decreased the most in hotels charging between more than $500 per night.

For more information please visit: Link

 

HOUSTON

Data provided by the Greater Houston Partnership

 

Euro Zone

  • GDP rose by 0.3% in the euro area (EA18) and by 0.4% in the EU28 during Q4 2014, compared with the previous quarter, In Q3 2014, GDP grew by 0.2% in the euro area and by 0.3% in the EU28.
  • Euro area annual inflation is expected to be -0.1% in March 2015, up from -0.3% in February, according to a flash estimate from Eurostat, the statistical office of the European Union.
  • The euro area (EA19) seasonally-adjusted unemployment rate was 11.3% in February 2015, down from 11.4% in January 2015, and from 11.8% in February 2014. The EU28 unemployment rate was 9.8% in February 2015, down from 9.9% in January 2015 and from 10.5% in February 2014.
  • House prices, rose by 1.1% in the euro area and by 2.6% in the EU in Q4 2014 compared with the same quarter of the previous year.
  • In February 2015 compared with January 2015, seasonally adjusted industrial production rose by 1.1% in the euro area (EA19) and by 0.9% in the EU28, according to estimates from Eurostat, the statistical office of the European Union. In January 2015 industrial production fell by 0.3% in both zones.
  • In February 2015, compared with January 2015, industrial producer prices rose by 0.5% in the euro area (EA19) and by 0.6% in the EU28, according to estimates from Eurostat, the statistical office of the European Union. In January 2015 prices fell by 1.1% in the euro area and by 1.3% in the EU28.
  • In February 2015 compared with January 2015, the seasonally adjusted volume of retail trade fell by 0.2% in the euro area (EA19) and remained stable in the EU28, according to estimates from Eurostat, the statistical office of the European Union. In January retail trade rose by 0.9% and 0.7% respectively.
  • In January 2015 compared with December 2014, seasonally adjusted production in the construction sector grew by 1.9% in the euro area (EA19) and by 1.0% in the EU28, according to first estimates from Eurostat, the statistical office of the European Union. In December 2014, production in construction grew by 0.2% in both zones.
  • In Q4 2014, the seasonally adjusted business investment rate was 21.9% in the euro area (EA18), stable compared with the previous quarter.
  • The first estimate for euro area (EA19) exports of goods to the rest of the world in February 2015 was €160.7 billion, an increase of 4% compared with February 2014 (€154.4 bn). Imports from the rest of the world stood at €140.5 bn, nearly stable compared with February 2014 (€140.0 bn). As a result, the euro area recorded a €20.3 bn surplus in trade in goods with the rest of the world in February 2015, compared with +€14.4 in February 2014.
  • The EU28 seasonally adjusted external current account recorded a surplus of €15.8 billion in January 2015, compared with a surplus of €13.1 bn in December 2014 and a surplus of €6.4 bn in January 2014, according to estimates from Eurostat, the statistical office of the European Union.

For more information please visit: Link

 

2. INVESTMENT INDICATORS

 

INWARD INVESTMENT REPORT 2013/2014

Inward investment report by UK Trade and Investment (UKTI) showing the number of foreign direct investment projects in the UK for 2013 to 2014. Please click here to download the full report

AMCHAM EU TRANSATLANTIC ECONOMY 2015

At its Transatlantic Conference, the American Chamber of Commerce to the European Union (AmCham EU) released the results of The Transatlantic Economy 2015, the annual survey of jobs, trade and investment between the EU and the United States. The report showed that since the financial crisis, the United States and Europe have embarked on divergent economic paths. The U.S. economy is now in its sixth year of recovery while Europe struggled in 2014 to avoid a triple-dip, or a third recession in six years, with real growth at 0.9% versus 2.4% in the United States. The IMF predicts this gap to widen in 2015.

Job creation is another area where both economies diverge. The U.S. economy is generating jobs; this is not the case in Europe. As of February 2015, America’s unemployment rate was 5.7% compared with 9.9% in Europe. The report states that there is potential for these figures to diverge even more with Europe now undergoing a technology backlash and facing growing energy insecurity. This has left the digital and energy sectors in Europe lagging behind their US counterparts.

Despite these findings there is cause for optimism: the United States and Europe remain each other’s most important markets generating $5.5 trillion in total commercial sales each year. Since 2000 Europe has attracted over 55% of total US global investment and remains the most profitable region for US companies. US foreign affiliate income earned in Europe rose 6.2% in 2014 to an estimated $238 billion — a record high, and one-third higher than the depressed levels of 2009.

The transatlantic economy remains the world’s largest and wealthiest market, and still accounts for roughly 35% of world GDP in terms of purchasing power parity. It remains the dominant force in the global economy.

Please click here to download the full report.

EUROPEAN COMMISSION REPORT SMES & TTIP


On Monday, 20th April, 2015 The European Commission released a report highlighting the barriers SMEs face when exporting to the US and the benefits TTIP can bring to them. BAB is proud that its own report on SMEs which can be found here, was of assistance for the European’s Commission final document.

 

3. UK/US EXPORTS/IMPORTS

 

USA Accounts for 27% of UK Exports in February 2015 (£3.2 bn)

UK Exports to USA (£m) February 2015    Change from January 2015     Change from February 2014

3,197                                                     -6.3%                                           8.3%

 

USA Accounts for 18% of UK Imports in February 2015(£2.9 bn)

UK Imports from USA (£m) February 2015   Change from January 2015   Change from February 2014

2,918                                                            -9.7                                         23  

 

 

 

 

 

 

 

 

 

 

 

 

4. UK/EU & NON-EU EXPORTS/IMPORTS

 

TOTAL MONTHLY UK TRADE WITH EU MEMBER STATES: FEBRUARY 2015

Exports for February 2015 are £11 billion. This is a slight increase of £6.9 million (0.1%) compared with last month, and a decrease of £1.1 billion (9%) compared with February 2014.  

Imports for February 2015 are £17.9 billion. This is an increase of £1 billion (6.2%) compared with last month, and an increase of £38.4 million (0.2%) compared with February 2014.

The UK remains a net importer, with imports exceeding exports by £7 billion. This is an increase of £1 billion (17.4%) compared to last month, and an increase of £1.1 billion (19.4%) compared with February 2014.

TOTAL MONTHLY UK TRADE WITH NON- EU MEMBER STATES: FEBRUARY 2015

Non-EU Exports for February 2015 are £12 billion. This is a decrease of £0.4 billion (3.6%) compared with last month and a decrease of £2.4 billion (16.7%) compared with February 2014.

Non-EU Imports for February 2015 are £16 billion. This is a decrease of £0.5 billion (3.2%) compared with last month and an increase of £1.8 billion (12.4%) compared with Februay 2014.

The UK is a net importer this month, with imports exceeding exports by £4 billion.

UK/EU TRADE STATISTICS 2014

The total EU export trade for the year 2014 is £148 billion, down from £150 billion for the year 2013 (1.8% decrease). • The total EU import trade for the year 2014 is £220 billion, slightly greater than the figure of £219 billion in the year 2013 (0.4% increase). • The UK is a net EU importer (imports are greater than exports). The size of the trade gap has grown from £69 billion in the year 2013 to £72 billion in year 2014 (5.3% increase).

UK/Non-EU Trade Statistics 2014

The total non-EU export trade for 2014 is £163.5 billion, which is substantially lower than the £199.6 billion for 2013 (18% decrease).

The total non-EU import trade for 2014 is £196.9 billion, which is also a reduction when compared with £200.9 billion for 2013 (2% decrease).

The UK remains a net importer for the year, with imports exceeding exports by £33.3 billion.

 

UK TRADE REGIONAL TRADE STATISTICS 2014  

In the year to December 2014, there was a fall in annual export value for all UK regions except the North East, the South West and the West Midlands. There was an increase in annual import value during the year for the West Midlands and Yorkshire & the Humber, with a decrease in the remaining seven UK regions. Of the four UK countries, none saw an increase in exports during the year, while Northern Ireland was the only country that saw an increase in imports.

 

KEY POINTS

The value of UK exports and imports both decreased in Q4 2014 compared with Q4 2013. The value of exports fell for England, Wales and Scotland and Northern Ireland between Q4 2013 and Q4 2014 whilst imports fell for England, Wales and Scotland. Exports rose in the North East, West Midlands, London, South East and South West but decreased in all other English regions. Imports increased in the North East, Yorkshire & the Humber, West Midlands, South East and South West but decreased in all other English regions.

The number of importers fell between Q4 2013 and Q4 2014 in all UK regions except Yorkshire and The Humber. The number of exporters fell for all UK regions except the West Midlands and London.

 

5. NEW INVESTMENTS

US INVESTMENTS INTO THE UK

Jacobs Engineering opens New UK Office

California based engineering, architecture & construction firm Jacobs Engineering Group has opened a new office in Cumbria. The facility at Pillar House is developing as a centre of excellence for nuclear decommissioning capability, and will support Jacobs' growth in Cumbria and the nuclear sector. With some 2000 people working in the UK, Jacobs is a major service provider in the nuclear industry. Its role ranges from work on the existing nuclear fleet, the UK new-build programme, through to decommissioning and cleanup. The company has taken on more than 300 new employees over the last two years, mainly in Cumbria.

Jacobs Engineering, 155 North Lake Avenue Pasadena, California 91101 Telephone: 626-578 3500 Website: www.jacobs.com

Jacobs Engineering, Tower Bridge Court 226 Tower Bridge Rd, London  Telephone: 020 7403 3330

Jacobs Engineering, Pillar House, Ingwell Drive, Westlakes Science & Technology Park, Moor Row, Cumbria CA24 3HWP Tel: +44 (0)1946.515000 Fax: +44 (0)1946.515001

Cooley launched new office in UK

Cooley LLP, a leading technology and life sciences US law firm, announced that it has launched a UK practice in London. Cooley's new office will include 20 partners and more than 55 lawyers and other professionals in total. Justin Stock, the former head of Morrison & Foerster's London corporate practice, will lead the new office.

Cooley LLP, 3175 Hanover Street Palo Alto, CA 94304-1130 Telephone: 650- 843 5000 Website: www.cooley.com

Dashwood 69 Old Broad Street London, EC2M 1QS UK Telephone: +44 (0) 20 7583 4055

Sciformix opens new UK office

Sciformix Corporation, a leading Scientific Process Organization (SPO), has opened a new office in Manchester, UK expanding its global presence and footprint to include the European region. By opening an office in the UK, Sciformix will seek to better service its existing global and European clients with near-shore presence and also build new relationships with potential clients across EMEA to further grow and diversify its client and revenue base.

Sciformix, 1500 West Park Drive Suite 210, Westborough, MA 01581 Telephone: 877- 5765005 Website: www.sciformix.com

Revenue Management Solutions (RMS) opens London office

Revenue Management Solutions (RMS), the industry-acknowledged expert in providing advanced price analysis and recommendations to restaurant, retail and hospitality industries, has opened an office in west central London near Paddington Station. The new London office widens the company's global presence, adding to Paris, Tokyo and Singapore locations, all tied to RMS' corporate headquarters in Tampa, Florida USA.

RMS, 777 South Harbour Island Blvd. Suite 890 Tampa, FL 33602, Telephone: 813-277 0034 Email: info@revenuemanage.com Website: http://www.revenuemanage.com/

RMS, Level 4, 1 Kingdom Street, London W2 6BD. Tel: +44 (0)20 3755 0960 Fax: +44 (0)20 3402 350

 

UK INVESTMENTS INTO THE US

Permasense opens first US office

Permasense, which provides remote integrity monitoring solutions to the upstream and downstream energy industry, has opened its first U.S. office in Houston and named a president of its Americas division. Permasense Americas Inc. is at 11490 Westheimer Road, Suite 850. This is the company's first office outside of the U.K. Tom Champlin, formerly of Nalco Champion, has joined as president of Permasense Americas, overseeing the small office.

Permasense Limited, Century House, 100 Station Road, Horsham, RH13 5UZ, Telephone: +44 20 3002 3672 Email:webenquiry@permasense.com

Permasense Americas Inc, 11490 Westheimer, Suite 850, Houston, TX 77077, Telephone: 713- 425 6359 Email:webenquiry@permasense.com

Amlin opens US office

Amlin plc, a London-headquartered, global specialty insurer and reinsurer with more than a hundred years of underwriting experience, opens an office in Miami Florida. The office, located in the heart of Miami’s Brickell district, offers insurance clients across Latin America strong multi-line underwriting expertise in a range of specialty lines treaties including property, catastrophe, liability, motor, engineering, surety, political risk and marine & aviation.

Amlin plc, London (Head Office), St. Helen’s, 1 Undershaft, London EC3A 8ND. Tel: +44 (0)20 7746 1000 Fax: +44 (0)20 7746 1696 Website: www.amlin.com

Amlin Miami, Suite 900, 1221 Brickell Avenue, Miami Florida, 33131

 

6. TRADE SHOWS

UK

April 28-30, 2015 -Naidex 2015- NEC Birmingham
Website: http://www.naidex.co.uk
Naidex is the UK’s number one event for the national homecare and disability market.

For more details on these events, please contact: Cheryl Withers, Commercial Specialist, Tel: +44 (0)20 7894 0419 Email:Cheryl.Withers@trade.gov

May 6-7, 2015 – “All-Energy” Conference & Exhibition -Glasgow, Scotland
Website: www.all-energy.co.uk

The All-Energy exhibition and conference is the UK’s largest event devoted to renewable energy. It is highly relevant to companies actively involved in all areas of the renewable energy industry - wind (onshore and offshore), wave, tidal, hydro, hydrogen and fuel cells, solar and biofuels.

For more details on these events, please contact: Claudia Colombo, Commercial Specialist, Tel: +44 (0)20 7894 0443 Email:Claudia.Colombo@trade.gov

June 2-4, 2015 -Infosecurity Europe 2015- Earl's Court, London
Website: http://www.infosec.co.uk

Infosec is Europe’s number one information security event and most comprehensive convergence of information

 For more details on these events, please contact: Richard Stanbridge, Senior Commercial pecialist/Head of Industries Team Tel: +44 (0)20 7894 0437 Email: Richard.Stanbridge@trade.gov

June 16-18, 2015 - Internet World - Excel London
Website: http://www.internetworld.co.uk/

“Internet World is Europe's longest running, best attended and biggest annual event for digital marketing and online business, attracting over 10,000 visitors and more than 300 exhibitors.”

For more details on these events, please contact: Richard Stanbridge, Senior Commercial Specialist/Head of Industries Team Tel: +44 (0)20 7894 0437 Email: Richard.Stanbridge@trade.gov

June 16-18, 2015 – IFSEC International 2015 -Excel London
Website: http://www.ifsec.co.uk/

"IFSEC is the world's leading global annual security event, uniting over 25,000 security professionals with more than 600 world leading companies."

For more details on these events, please contact: Cheryl Withers, Commercial Specialist Tel: +44 (0)20 7894 0419 Email:Cheryl.Withers@trade.gov

 

US

May 4-7, 2015 - 2015 Offshore Technology Conference- Houston, TX

 

OTC brings together more than 100,000 industry leaders and buyers from 130+ countries who all want to explore how technology, best practices, emerging trends, and proven methods can provide the energy needed for the world.

Website: www.otcnet.org

 

May 16-19, 2015 - The National Restaurant Association Restaurant, Hotel-Motel Show (NRA Show) 2015 – Chicago, IL

 

The National Restaurant Association Restaurant, Hotel-Motel Show (NRA Show) is the Western Hemisphere’s largest foodservice and hospitality event. NRA Show 2014 attracted over 63,000 attendees along with over 2,000 exhibiting organizations.

Website: www.show.restaurant.org

 

June 1-4, 2015 – WasteExpo 2015- Atlanta, GA


WasteExpo is the waste, recycling, and organics industry’s largest trade show in North America,

serving a $85 billion market.


Website: www.wasteexpo.com

 

June 17-19, 2015 – InfoComm International 2015 – Las Vegas, NV

 

lnfoComm is the world’s annual premier exposition and conference for the professional audiovisual

information and communications technology industry. 
Website: www.infocommshow.com

 

June 18-20, 2015- 2015 International Franchise Expo – New York, NY

The International Franchise Expo is a 3-day event that has featured over 400 franchise exhibitors, with

investments ranging from $5,000 to several million and a wide range of product categories. 
Website: www.ifeinfo. com


June 28-30, 2015 – Fancy Food Show (Summer) 2015 – New York, NY

The Fancy Food Show is North America’s premier showcase for specialty/gourmet, ethnic, natural, and

organic foods, snacks, and beverages. Serving every major food-buying channel, the show is a must-attend event in the food industry.
Website: www.specialtyfood.com

 

For more information please visit: Link