Construction market trends

United States

X Values ABI (LHS) Output (RHS, %, y-o-y)
Jan-19 55.3 -1.30
Feb-19 50.3 -2.35
Mar-19 47.8 1.53
Apr-19 50.5 2.02
May-19 50.2 3.56
Jun-19 49.1 8.13
Jul-19 50.1 10.15
Aug-19 47.2 11.03
Sep-19 49.7 11.73
Oct-19 52 13.14
Nov-19 51.9 17.35
Dec-19 52.1 13.42
Jan-20 52.2 13.69
Feb-20 53.4 10.88
Mar-20 33.3 7.26
Apr-20 29.5 1.20
May-20 32 -2.45
Jun-20 40 -3.95
Jul-20 40 -6.77
Aug-20 40 -9.80
Sep-20 47 -11.22
Oct-20 47.5 -12.22
Nov-20 46.3 -15.07
Dec-20 42.3 -14.97
Jan-21 44.9 -12.06
Feb-21 53.3 -11.93
Mar-21 55.6 -10.90
Apr-21 57.9 -6.46
May-21 58.5 -3.96
Jun-21 57.1 -4.25
Jul-21 54.6 -2.44
Aug-21 55.6 0.64
Sep-21 56.6 3.23
Oct-21 54.3 4.91
Nov-21 51 9.38
Dec-21 52 11.33
Jan-22 51 8.37
Feb-22 51.3 9.75

Housing shortage to continue underpinning residential construction despite rising mortgage rates.

Private residential output up 1.1% m-o-m (16.6% y-o-y) in February; building permits down -1.6% m-o-m (8.1% y-o-y). Private non-residential output up 0.2% m-o-m (9.7% y-o-y) in February. Architecture Billings Index (ABI) increased to 51.3 in February from 51.0 in January (>50, expansion).

China

X Values Series1
Jan-19 17.91
Feb-19 13.08
Mar-19 10.69
Apr-19 13.08
May-19 11.15
Jun-19 9.12
Jul-19 6.61
Aug-19 6.95
Sep-19 6.05
Oct-19 11.01
Nov-19 8.02
Dec-19 8.26
Jan-20 -6.58
Feb-20 -17.6
Mar-20 -30.64
Apr-20 -18.42
May-20 -8.57
Jun-20 3.82
Jul-20 7.59
Aug-20 7.70
Sep-20 3.91
Oct-20 1.28
Nov-20 1.84
Dec-20 4.71
Jan-21 11.84
Feb-21 24.91
Mar-21 8.31
Apr-21 -4.99
May-21 -10.93
Jun-21 -6.07
Jul-21 -9.99
Aug-21 -13.12
Sep-21 -17.42
Oct-21 -21.25
Nov-21 -22.64
Dec-21 -28.58
Jan-22 -24.11
Feb-22 -23.13

Construction shows signs of stabilisation on improving bank lending measures.

The 3 month moving average y-o-y growth in floor space started fell -23% in February; floor space sold fell -13% y-o-y.

Europe

X Values PMI (LHS) Output (RHS, %, y-o-y)
Jan-19 50.6 0.85
Feb-19 52.6 6.60
Mar-19 52.2 6.33
Apr-19 52.1 3.19
May-19 50.6 2.33
Jun-19 50.8 1.95
Jul-19 50.6 1.86
Aug-19 49.1 1.02
Sep-19 50.5 0.46
Oct-19 50.7 0.56
Nov-19 50.6 1.20
Dec-19 51.3 -2.61
Jan-20 51.9 4.10
Feb-20 52.5 -0.36
Mar-20 33.5 -15.60
Apr-20 15.1 -29.85
May-20 39.5 -9.75
Jun-20 48.3 -4.19
Jul-20 48.9 -3.47
Aug-20 47.8 0.64
Sep-20 47.5 -2.83
Oct-20 44.9 -2.12
Nov-20 45.6 -0.37
Dec-20 45.5 -0.09
Jan-21 44.1 -2.68
Feb-21 45 -3.24
Mar-21 50.1 19.66
Apr-21 50.1 43.97
May-21 50.3 12.22
Jun-21 50.3 5.23
Jul-21 49.8 3.78
Aug-21 49.5 -0.55
Sep-21 50 3.57
Oct-21 51.2 4.05
Nov-21 53.3 1.65
Dec-21 52.9 1.02
Jan-22 56.6 4.14
Feb-22 56.3
Mar-22 52.8

Strong performance beginning of year but soaring energy and materials costs main risk to outlook.

Eurozone construction up 3.9% m-o-m (4.1% y-o-y) in February; buildings up 4.2% m-o-m (3.8% y-o-y); civil works up 1.4% m-o-m (5.8% y-o-y). The IHS Markit Eurozone Construction PMI fell to 52.8 in March (> 50, expansion) from 56.3 in February.

India

X Values growth
Jan-20 1.36
Feb-20 5.10
Mar-20 -8.96
Apr-20 -44.41
May-20 -21.15
Jun-20 -12.09
Jul-20 -7.95
Aug-20 -7.48
Sep-20 -0.34
Oct-20 -1.79
Nov-20 -1.71
Dec-20 -0.29
Jan-21 0.67
Feb-21 -3.30
Mar-21 12.60
Apr-21 62.60
May-21 16.40
Jun-21 9.40
Jul-21 9.90
Aug-21 12.20
Sep-21 5.40
Oct-21 8.70
Nov-21 3.20
Dec-21 4.10
Jan-22 4.00
Feb-22 5.80

Core sector output shows signs of gradual pickup.

Weighted average of eight core industries output up 5.8% y-o-y in February; production of steel up 5.7%; cement up 5.0% y-o-y.


 

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