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Construction market trends

United States

X Values ABI (LHS) Output (RHS, %, y-o-y)
Jan-19 55.3 -1.72
Feb-19 50.3 -2.65
Mar-19 47.8 1.01
Apr-19 50.5 1.84
May-19 50.2 3.79
Jun-19 49.1 8.06
Jul-19 50.1 10.30
Aug-19 47.2 11.23
Sep-19 49.7 12.31
Oct-19 52 13.18
Nov-19 51.9 17.26
Dec-19 52 13.57
Jan-20 52.2 14.17
Feb-20 53.4 11.79
Mar-20 33.3 8.34
Apr-20 29.5 3.19
May-20 32 0.35
Jun-20 40 -0.45
Jul-20 40 -2.85
Aug-20 40 -6.64
Sep-20 47 -7.42
Oct-20 47.5 -7.26
Nov-20 46.3 -9.59
Dec-20 42.3 -8.84
Jan-21 44.9 -7.07
Feb-21 53.3 -7.36
Mar-21 55.6 -3.83
Apr-21 57.9 -1.02
May-21 58.5 -0.74
Jun-21 57.1 -0.69
Jul-21 54.6 0.68
Aug-21 55.6 2.30
Sep-21 56.6 3.01
Oct-21 54.3 3.27
Nov-21 51.0 7.09
Dec-21 52.0 7.61
Jan-22 51.0 9.99
Feb-22 51.3 13.19
Mar-22 58.0 11.48
Apr-22 56.5 16.75
May-22 53.5 18.43
Jun-22 53.2 18.61
Jul-22 51.0 21.71
Aug-22 53.3 23.08
Sep-22 51.7 25.66
Oct-22 47.7 25.34
Nov-22 46.6 25.68
Dec-22 48.4 27.97
Jan-23 49.3 24.58
Feb-23 48.0 24.00
Mar-23 50.4 24.90
Apr-23 48.5 23.68
May-23 51.0 21.91
Jun-23 50.1 20.71
Jul-23 50.0 16.38
Aug-23 48.1 17.31
Sep-23 44.8 14.46
Oct-23 44.3 14.07
Nov-23 45.3 13.32
Dec-23 45.4 10.97
Jan-24 46.2 11.09
Feb-24 49.5 9.33
Mar-24 43.6 7.27
Apr-24 48.3 4.38
May-24 42.4 4.91
Jun-24 46.4 5.48
Jul-24 48.2 4.99
Aug-24 45.7 3.82
Sep-24 45.7 4.54
Oct-24 50.3 4.18
Nov-24 49.6 2.87
Dec-24 44.1 3.32
Jan-25 45.6 2.13
Feb-25 45.5 2.30
Mar-25 44.1 1.59
Apr-25 43.2 0.97

U.S. Construction is constrained by the uncertain economic outlook. New housing inventory at 2007 levels and supply of previously owned homes is highest in four years. Investment in private non-residential structures is easing.

Private residential output down -0.9% m-o-m (-4.8% y-o-y) in April; Building permits down -4% m-o-m (-2.5% y-o-y) in April.

Private non-residential output down -0.5% m-o-m (1% y-o-y) in April. Architecture Billings Index (ABI) down to 43.2 in April from 44.1 in March (< 50, contraction).

China

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 7.70
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
Mar-22 -17.49
Apr-22 -28.93
May-22 -36.03
Jun-22 -43.82
Jul-22 -44.15
Aug-22 -45.33
Sep-22 -45.13
Oct-22 -42.13
Nov-22 -43.85
Dec-22 -43.81
Jan-23 -40.34
Feb-23 -27.45
Mar-23 -19.16
Apr-23 -24.24
May-23 -28.66
Jun-23 -29.59
Jul-23 -29.12
Aug-23 -27.71
Sep-23 -21.52
Oct-23 -19.70
Nov-23 -11.31
Dec-23 -9.94
Jan-24 -11.57
Feb-24 -22.97
Mar-24 -28.35
Apr-24 -23.08
May-24 -21.01
Jun-24 -19.48
Jul-24 -21.46
Aug-24 -19.83
Sep-24 -18.95
Oct-24 -21.22
Nov-24 -24.28
Dec-24 -23.27
Jan-25 -23.62
Feb-25 -23.92
Mar-25 -24.80
Apr-25 -22.70

China’s property market remains divided: Some areas are recovering with government support, while others struggle with oversupply.

The 3-month moving average y-o-y decline in floor space started reached -22.7% in April; floor space sold was down -2.9% y-o-y.

Europe

X-values PMI (LHS) Output (RHS, %, y-o-y)
Jan-19 50.6 0.00
Feb-19 52.6 5.61
Mar-19 52.2 6.35
Apr-19 52.1 2.78
May-19 50.6 2.59
Jun-19 50.8 1.48
Jul-19 50.6 1.18
Aug-19 49.1 0.59
Sep-19 50.5 0.49
Oct-19 50.7 0.69
Nov-19 50.6 0.69
Dec-19 51.3 -1.64
Jan-20 51.9 4.38
Feb-20 52.5 -0.19
Mar-20 33.5 -16.38
Apr-20 15.1 -31.30
May-20 39.5 -12.06
Jun-20 48.3 -5.34
Jul-20 48.9 -4.37
Aug-20 47.8 -1.37
Sep-20 47.5 -3.69
Oct-20 44.9 -3.32
Nov-20 45.6 -2.14
Dec-20 45.5 0.10
Jan-21 44.1 -6.10
Feb-21 45.0 -7.25
Mar-21 50.1 16.36
Apr-21 50.1 41.21
May-21 50.3 10.95
Jun-21 50.3 3.18
Jul-21 49.8 1.42
Aug-21 49.5 -1.48
Sep-21 50 1.71
Oct-21 51.2 2.22
Nov-21 53.3 0.80
Dec-21 52.9 -1.86
Jan-22 56.6 4.26
Feb-22 56.3 7.51
Mar-22 52.8 2.28
Apr-22 50.4 1.99
May-22 49.2 2.29
Jun-22 47 1.69
Jul-22 45.7 1.20
Aug-22 44.2 2.51
Sep-22 45.3 0.50
Oct-22 44.9 0.99
Nov-22 43.6 1.28
Dec-22 42.6 -0.10
Jan-23 46.1 0.78
Feb-23 47.6 1.84
Mar-23 45.0 0.39
Apr-23 45.2 1.37
May-23 44.6 1.85
Jun-23 44.2 1.66
Jul-23 43.5 3.27
Aug-23 43.4 1.86
Sep-23 43.6 2.66
Oct-23 42.7 1.27
Nov-23 43.4 0.58
Dec-23 43.6 3.09
Jan-24 41.3 0.48
Feb-24 42.9 -1.62
Mar-24 42.4 -0.39
Apr-24 41.9 -0.96
May-24 42.9 -2.49
Jun-24 41.8 -1.35
Jul-24 41.4 -2.30
Aug-24 41.4 -1.83
Sep-24 42.1 -2.40
Oct-24 43 -1.54
Nov-24 42.7 -0.29
Dec-24 42.9 -0.10
Jan-25 45.4 -0.38
Feb-25 42.7 -0.87
Mar-25 44.8 -0.77
Apr-25 46
May-25 45.6

Euzozone: Construction leading indicators continue to deteriorate, signalling a deeper contraction in output across Europe. Housing remains the worst-performing segment, while commercial activity is also seeing sharp falls.

Eurozone construction up 0.1% m-o-m (-0.8% y-o-y) in March; Buildings up 0.9% m-o-m (-1.7% y-o-y) in March; Civil engineering up 4.1% m-o-m (0.9% y-o-y) in March. The IHS Markit Eurozone Construction PMI was down to 45.6 in May from 46 in April (< 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 9.9
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 9.5
Oct-23 12.7
Nov-23 7.9
Dec-23 5.1
Jan-24 4.2
Feb-24 7.1
Mar-24 6.3
Apr-24 6.9
May-24 6.9
Jun-24 5.0
Jul-24 6.3
Aug-24 -1.5
Sep-24 2.4
Oct-24 3.8
Nov-24 5.8
Dec-24 5.1
Jan-25 5.1
Feb-25 3.4
Mar-25 4.6
Apr-25 0.5

India’s core sector continues to grow, supported by strong performance in cement, steel, and electricity.

The weighted average of eight core industries output up by 3.8 y-o-y in March; production of steel up 7.1%; cement up 11.6% y-o-y.


 

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