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WEX Releases Monthly Construction Fuel Consumption Index (FCI) Results
U.S. Construction Industry Fueling Increased 3.5% Year-Over-Year in December; Up 0.04% versus Previous Month
The WEX Construction FCI measures national fuel consumption statistics
for the construction industry, which provides an accurate and up-to-date
indication of construction activity in
WEX worked with IHS to capture and analyze transaction data from its closed loop network of more than 180,000 fuel and vehicle maintenance locations, including over 90 percent of the domestic retail fuel locations and 45,000 vehicle maintenance locations. With this data, the WEX Construction FCI can be used to identify emerging trends within the construction industry and the national economy.
The indicators were tested at monthly, quarterly and annual frequencies,
with the greatest insights produced using the year-over-year percent
change of the monthly data. For
The WEX Construction FCI, which is available monthly in advance of the
Last month’s WEX Construction FCI reflected the stalled growth indicated by the seasonally-adjusted index in most of the government’s subsequent construction data releases. Construction spending excluding improvements – a good measure of activity – decreased by 0.2% in November and private residential construction rose by 1.2%; however, it was the weakest gain in eight months. November housing permit statistics were mixed, with total permits increasing by 3.6%. Also in November, housing starts fell by 3.0% to an annual rate of 861,000. The weak growth for the WEX Construction FCI in December mirrored the small increase in job growth with a gain of 30,000 jobs in the construction sector in the same month, after losing 10,000 in November. Total construction put-in-place, which is released a month later than the Fuel Consumption Index, declined by 0.3% in November.
According to the IHS analysis, despite the month-to-month stalled growth in December for the WEX Fuel Consumption Index, the U.S. housing market has shown signs of growth with new home sales rising 4.4% in November to an annual rate of 377,000 units. Although new home sales are slowly trending upwards, they are not expected to reach normal levels above 800,000, until 2015.
Existing home sales increased by 5.9% in November, while inventories
fell to 2.03 million units, which is the lowest since
The WEX Construction FCI for
Jessica Roy, 207-523-6763