The ONS construction release of 12 February 2026 reported annual output growth of 1.8% in 2025 and construction output price growth of 2.7% in the twelve months to December. The two figures answer different questions.
Output growth describes the change in activity. Price growth describes movement in the price measure. Substituting one for the other in an estimate can produce an adjustment that looks evidence-based but uses the wrong evidence.
Even the price measure needs interpretation before it reaches a project model. A national series combines work that may differ from the package being priced in location, specification and procurement conditions.
ONS release of 12 February 2026. The first is annual activity growth; the second is 12-month output price growth. They are not interchangeable.
Use the release as a sense check
If a project’s assumed movement is far from the wider measure, ask why. There may be a sound explanation: a specialist material, a constrained supplier market or a quotation that fixes a future delivery price.
The answer should come from the package evidence. The official series helps identify a question; it does not dictate the response.
Record the release date and preserve the distinction between the estimate’s base date and its review date. This is particularly useful when comparing estimates prepared on either side of a statistical release.
A market review is strongest when the macro information and the project evidence can be read together. The reviewer should be able to see where the broad trend is relevant and where the project has a different exposure.