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WEX Releases Monthly Construction Fuel Consumption Index (FCI) Results
U.S. Construction Industry Fueling Decreased 0.6% Year-Over-Year in May, Up 0.8% 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, which includes over 90 percent of the domestic retail fuel 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 is available at http://www.wexinc.com/fuel-consumption-index.
Last month’s WEX Construction FCI reflected the first year-over-year
According to the IHS analysis, alongside the month-to-month gain in May for the WEX Construction FCI, the housing market has also been showing signs of improvement. New home sales increased by 2.3% in April to a 454,000-unit annual rate. Meanwhile, existing home sales rose 0.6% in April and total inventory increased by 11.9%, although much of the increase was seasonal and inventories remain extremely lean.
Home prices continue to rise as a result of these lean inventories, low interest rates, the growing economy, and the decreased share of distressed homes. These higher home prices, in turn, are bringing more builders into the game. The housing market is expected to continue to improve and outperform the rest of the economy over the next few quarters, due to the low level of housing inventory and low interest rates. The recovery in housing would be even stronger if it was not for the difficult lending requirements facing would-be buyers.
The WEX Construction FCI for
News media contact:
Jessica Roy, 207-523-6763