Construction market trends

United States

X Values Permits (LHS, SAAR Millions) Output (RHS, SAAR USD billions)
Jan-19 1.254 517390
Feb-19 1.302 516797
Mar-19 1.291 517696
Apr-19 1.298 522630
May-19 1.338 528461
Jun-19 1.301 540442
Jul-19 1.347 552575
Aug-19 1.528 559755
Sep-19 1.491 563783
Oct-19 1.538 567704
Nov-19 1.522 580112
Dec-19 1.461 586250
Jan-20 1.500 598551
Feb-20 1.440 609465
Mar-20 1.348 617132
Apr-20 1.050 595620
May-20 1.253 583199
Jun-20 1.329 589685
Jul-20 1.526 609849
Aug-20 1.564 641103
Sep-20 1.643 662353
Oct-20 1.622 684180
Nov-20 1.713 702717
Dec-20 1.760 725025
Jan-21 1.866 748052
Feb-21 1.700 742853
Mar-21 1.731 757335
Apr-21 1.714 766640
May-21 1.68 779374
Jun-21 1.644 792075
Jul-21 1.618 806484
Aug-21 1.837 813307
Sep-21 1.636 819594
Oct-21 1.727 828907
Nov-21 1.775 852881
Dec-21 1.948 881281
Jan-22 1.898 912687
Feb-22 1.817 931898
Mar-22 1.877 949368
Apr-22 1.795 965838
May-22 1.708 969636
Jun-22 1.701 955943
Jul-22 1.658 929672
Aug-22 1.586 907606
Sep-22 1.588 891657
Oct-22 1.555 877990
Nov-22 1.402 865170
Dec-22 1.409 853718
Jan-23 1.354 856046
Feb-23 1.482 847507
Mar-23 1.437 846865
Apr-23 1.417 824707
May-23 1.496 853896
Jun-23 1.441 860888
Jul-23 1.443 855438
Aug-23 1.541 866550
Sep-23 1.471 872038
Oct-23 1.498 887278
Nov-23 1.4967 896758

Overall construction underpinned by the single family segment due a shortage of homes; policy by the administration to bring manufacturing to the USA supporting factory construction.

Private residential output up 1.1% m-o-m (3.7% y-o-y) in November; Building permits down -2.1% m-o-m (4.6% y-o-y) but single family permits up 0.7% m-o-m and to the highest since May 2022.

Private non-residential output up 0.2% m-o-m (19.3% y-o-y) in November; Architecture Billings Index (ABI) up to 45.3 in November from 44.3 in October (< 50, contraction).

China

X Values Floor space started
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 -17.65
Mar-20 -30.64
Apr-20 -18.42
May-20 -8.57
Jun-20 3.82
Jul-20 7.59
Aug-20 7.7
Sep-20 3.91
Oct-20 1.28
Nov-20 1.84
Dec-20 4.71
Jan-21 11.8
Feb-21 24.9
Mar-21 8.3
Apr-21 -5
May-21 -10.9
Jun-21 -6.1
Jul-21 -10
Aug-21 -13.1
Sep-21 -17.4
Oct-21 -21.2
Nov-21 -22.6
Dec-21 -28.6
Jan-22 -24.1
Feb-22 -23.1
Mar-22 -17.5
Apr-22 -28.9
May-22 -36
Jun-22 -43.8
Jul-22 -44.1
Aug-22 -45.3
Sep-22 -45.1
Oct-22 -42.1
Nov-22 -43.9
Dec-22 -43.8
Jan-23 -40.4
Feb-23 -27.45
Mar-23 -19.16
Apr-23 -24.24
May-23 -28.65
Jun-23 -29.59
Jul-23 -29.12
Aug-23 -27.70
Sep-23 -21.50
Oct-23 -19.70
Nov-23 -11.30

China: Signs of stabilisation in the residential market continue due to government support but no signifiant rebound in activity expected.

The 3 month moving average y-o-y growth in floor space eased to -11.3% in November; floor space sold was down -20.4% y-o-y.

Europe

X Values PMI (LHS) Output (RHS, %, y-o-y)
Jan-19 50.6 5.63
Feb-19 52.6 5.64
Mar-19 52.2 5.65
Apr-19 52.1 2.72
May-19 50.6 1.96
Jun-19 50.8 1.86
Jul-19 50.6 1.77
Aug-19 49.1 1.86
Sep-19 50.5 0.73
Oct-19 50.7 0.93
Nov-19 50.6 1.48
Dec-19 51.3 -1.53
Jan-20 51.9 5.04
Feb-20 52.5 0
Mar-20 33.5 -15.61
Apr-20 15.1 -29.52
May-20 39.5 -10.24
Jun-20 48.3 -4.56
Jul-20 48.9 -2.66
Aug-20 47.8 0
Sep-20 47.5 -2.28
Oct-20 44.9 -1.47
Nov-20 45.6 -0.10
Dec-20 45.5 -1.1
Jan-21 44.1 -3.2
Feb-21 45 -3.89
Mar-21 50.1 19.03
Apr-21 50.1 42.93
May-21 50.3 12.74
Jun-21 50.3 5.45
Jul-21 49.8 3.67
Aug-21 49.5 -1.00
Sep-21 50 3.35
Oct-21 51.2 3.82
Nov-21 53.3 2.85
Dec-21 52.9 -0.18
Jan-22 56.6 3.95
Feb-22 56.3 7.55
Mar-22 52.8 3.70
Apr-22 50.4 2.63
May-22 49.2 2.35
Jun-22 47 2.08
Jul-22 47 1.45
Aug-22 45.7 2.03
Sep-22 44.2 0.54
Oct-22 45.3 0.72
Nov-22 43.6 1.16
Dec-22 42.6 -0.09
Jan-23 46.1 0.44
Feb-23 47.6 1.67
Mar-23 45 -0.90
Apr-23 45.2 0.26
May-23 44.6 0.53
Jun-23 44.2 -0.00
Jul-23 43.5 1.52
Aug-23 43.4 0.72
Sep-23 43.6 1.3
Oct-23 42.7 -0.5
Nov-23 43.4 -2.1
Dec-23 43.6

Eurozone construction continues to struggle with civil engineering, commercial real estate and particularly housing showing weakness. Falling new orders mean that weak conditions to persist in the first half of 2024.

Eurozone construction down -1.0% m-o-m (-0.5% y-o-y) in October; Buildings down -0.9% m-o-m (-0.8% y-o-y); Civil works down -1.0% m-o-m (1.2% y-o-y).

The IHS Markit Eurozone Construction PMI increased to 43.6 in December from 43.4 in November (< 50, contraction).

India

X Values Avg industrial production (y-o-y)
Jan-19 1.4
Feb-19 1.8
Mar-19 5.0
Apr-19 4.3
May-19 2.9
Jun-19 0.2
Jul-19 2.0
Aug-19 -0.7
Sep-19 -5.7
Oct-19 -5.4
Nov-19 0.3
Dec-19 0.9
Jan-20 1.4
Feb-20 5.1
Mar-20 -9.0
Apr-20 -44.4
May-20 -21.1
Jun-20 -12.1
Jul-20 -8.0
Aug-20 -7.5
Sep-20 -0.3
Oct-20 -1.8
Nov-20 -1.7
Dec-20 -0.3
Jan-21 0.7
Feb-21 -3.7
Mar-21 12.6
Apr-21 62.6
May-21 16.4
Jun-21 9.4
Jul-21 10.0
Aug-21 12.2
Sep-21 5.4
Oct-21 8.7
Nov-21 3.2
Dec-21 4.1
Jan-22 4.0
Feb-22 5.9
Mar-22 4.8
Apr-22 9.5
May-22 19.3
Jun-22 13.1
Jul-22 4.8
Aug-22 4.2
Sep-22 8.3
Oct-22 0.7
Nov-22 5.7
Dec-22 8.3
Jan-23 9.7
Feb-23 7.4
Mar-23 4.2
Apr-23 4.6
May-23 5.2
Jun-23 8.4
Jul-23 8.5
Aug-23 13.4
Sep-23 9.4
Oct-23 12.0
Nov-23 7.9
Dec-23 3.8

India: Core sector growth tapers in December 2023 on higher base but underlying trend in activity is positive.

Weighted average of eight core industries output rose by 3.8% y-o-y in December; production of steel up 5.9%, cement up 1.3% y-o-y.


 

Technical trends

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