Construction market trends

United States

X Values Permits (LHS, SAAR Millions) Output (RHS, SAAR USD billions)
Jan-19 1295 516899
Feb-19 1304 516346
Mar-19 1316 517654
Apr-19 1337 523932
May-19 1337 531954
Jun-19 1276 542612
Jul-19 1369 554234
Aug-19 1479 558908
Sep-19 1439 561924
Oct-19 1509 564734
Nov-19 1509 577566
Dec-19 1453 583160
Jan-20 1550 596265
Feb-20 1478 607522
Mar-20 1382 617990
Apr-20 1094 599184
May-20 1246 591253
Jun-20 1296 593464
Jul-20 1542 614353
Aug-20 1522 638430
Sep-20 1589 657613
Oct-20 1595 677725
Nov-20 1696 697825
Dec-20 1758 719089
Jan-21 1883 734961
Feb-21 1726 738572
Mar-21 1755 757841
Apr-21 1765 770734
May-21 1691 788401
Jun-21 1661 799279
Jul-21 1655 806484
Aug-21 1772 811497
Sep-21 1615 814272
Oct-21 1698 816908
Nov-21 1729 824006
Dec-21 1896 842949
Jan-22 1841 881907
Feb-22 1857 903400
Mar-22 1879 920041
Apr-22 1823 935913
May-22 1695 938198

Residential output and building permits weakening as rising interest rates slow the economy.

Private residential output up 0.2% m-o-m in May (19% y-o-y); building permits down for the second straight month and by -7% (0.2% y-o-y). Private non-residential output down -0.4% m-o-m in May (3.7% y-o-y). Architecture Billings Index (ABI) down to 53.5 in May from 56.5 in April (>50, expansion).

China

X Values Series1
Jan-19 -1.90
Feb-19 -0.86
Mar-19 -1.40
Apr-19 -0.25
May-19 -1.27
Jun-19 -2.33
Jul-19 -2.30
Aug-19 0.58
Sep-19 2.90
Oct-19 3.11
Nov-19 2.01
Dec-19 0.07
Jan-20 -6.38
Feb-20 -15.49
Mar-20 -28.55
Apr-20 -19.28
May-20 -8.53
Jun-20 3.19
Jul-20 6.34
Aug-20 7.45
Sep-20 9.85
Oct-20 11.68
Nov-20 11.25
Dec-20 12.67
Jan-21 20.60
Feb-21 35.73
Mar-21 36.64
Apr-21 22.52
May-21 10.58
Jun-21 10.97
Jul-21 3.39
Aug-21 -3.96
Sep-21 -12.52
Oct-21 -16.65
Nov-21 -16.07
Dec-21 -16.80
Jan-22 -14.05
Feb-22 -13.16
Mar-22 -13.78
Apr-22 -23.32
May-22 -28.53%

Real estate remains under pressure but signs of improvement emerging after local governments eased buying curbs and authorities cut mortgage rates.

The 3 month moving average y-o-y growth in floor space started fell -36% in May; floor space sold down -29% 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 -3.22
Feb-21 45 -4.59
Mar-21 50.1 18.27
Apr-21 50.1 42.67
May-21 50.3 11.11
Jun-21 50.3 4.28
Jul-21 49.8 2.84
Aug-21 49.5 -1.28
Sep-21 50 2.63
Oct-21 51.2 3.20
Nov-21 53.3 0.83
Dec-21 52.9 1.11
Jan-22 56.6 4.25
Feb-22 56.3 7.45
Mar-22 52.8 2.98
Apr-22 50.4 2.55
May-22 49.2 #N/A
Jun-22 47 #N/A

Higher raw material prices and supply-chain disruptions continue dampening the Eurozone’s construction output and demand.

Construction down -1.1% m-o-m in April (2.5% y-o-y); Buildings up 0.1% m-o-m (3.2% y-o-y); Civil works down -5.5% m-o-m (-0.8% y-o-y). The IHS Markit Eurozone Construction PMI dropped to 47

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 -3.65
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 5.90
Mar-22 4.90
Apr-22 9.30
May-22 18.10

The core industries sector grew by the fastest rate in 13 months but helped by a weak base of comparison y-o-y. Underlying activity picking up.

Weighted average of eight core industries output increased 18.1% y-o-y in May; production of steel up 15%; cement up 26% y-o-y.


 

Special topic: Notes on navigating the evolving sustainability landscape

In the last decade or so, sustainability and environmental impacts have gained significant relevance in the structural design and construction fields. As a result, terms such as Life-Cycle Assessment (LCA) and Environmental Product Declaration (EPD) have become part of the common AEC vocabulary. When it comes to designing and building steel buildings, it is important to recognise the meaning of these terms— and other related terminology—and how they can help provide a better understanding of the environmental impacts of steel and how it compares to other structural options.

Technical trends: Closing labour gaps to revitalise US infrastructure

The US construction sector seems set for a jobs boom. The US Bipartisan Infrastructure Law projects $550 billion of new infrastructure investment over the next decade, which could create 3.2 million new jobs across the nonresidential construction value chain. US construction projects are short-staffed today, and the problem is set to get worse. Here’s what the sector can do to close the gap.

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