Construction market trends

United States

X Values ABI (LHS) Output (RHS, %, y-o-y)
Jan-19 55.3 -1.49
Feb-19 50.3 -2.60
Mar-19 47.8 1.13
Apr-19 50.5 2.11
May-19 50.2 3.54
Jun-19 49.1 8.10
Jul-19 50.1 10.09
Aug-19 47.2 11.21
Sep-19 49.7 11.92
Oct-19 52 13.26
Nov-19 51.9 17.60
Dec-19 52.1 13.73
Jan-20 52.2 14.15
Feb-20 53.4 12.05
Mar-20 33.3 8.48
Apr-20 29.5 3.25
May-20 32 0.52
Jun-20 40 -0.77
Jul-20 40 -2.97
Aug-20 40 -6.80
Sep-20 47 -7.20
Oct-20 47.5 -7.49
Nov-20 46.3 -9.83
Dec-20 42.3 -8.77
Jan-21 44.9 -7.74
Feb-21 53.3 -8.81
Mar-21 55.6 -5.55
Apr-21 57.9 -2.64
May-21 58.5 -2.67
Jun-21 57.1 -2.39
Jul-21 54.6 -1.02
Aug-21 55.6 0.45
Sep-21 56.6 -0.20
Oct-21 54.3 0.55
Nov-21 51 3.62
Dec-21 52 3.67
Jan-22 51 3.45
Feb-22 51.3 5.73
Mar-22 58 2.89
Apr-22 56.5 3.09
May-22 53.5 4.36
Jun-22 53.2 6.19
Jul-22 51 7.8
Aug-22 53.3 9.5
Sep-22 51.7 14.6
Oct-22 47.7 15.3
Nov-22 46.6 19.8
Dec-22 48.4 19.3
Jan-23 49.3 19.9
Feb-23 48 19.6
Mar-23 50.4 21.3

US: overall construction stabilising helped by private non-residential and particularly manufacturing construction.

Private residential output was down -0.2% m-o-m (-10% y-o-y) in March; Building permits were down -7.7% m-o-m (-24% y-o-y).

Private non-residential output was up 1% m-o-m (21% y-o-y); Architecture Billings Index (ABI) was up to 50.4 from 48 in February (>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
Jun-22 -28.03
Jul-22 -25.19
Aug-22 -22.29
Sep-22 -22.06
Oct-22 -20.27
Nov-22 -24.07
Dec-22 -29.91
Jan-23 -27.17
Feb-23 -19.69
Mar-23 -03.03

China: Residential property market recovery underway; infrastructure investment growing.

The 3-month moving average y-o-y floor space started was down -14% in March; floor space sold was down -3% y-o-y.

Europe

X Values PMI (LHS) Output (RHS, %, y-o-y)
Jan-19 50.6 0.38
Feb-19 52.6 6.14
Mar-19 52.2 6.32
Apr-19 52.1 3.11
May-19 50.6 2.34
Jun-19 50.8 2.14
Jul-19 50.6 1.86
Aug-19 49.1 1.03
Sep-19 50.5 0.28
Oct-19 50.7 0.37
Nov-19 50.6 1.11
Dec-19 51.3 -2.45
Jan-20 51.9 4.32
Feb-20 52.5 -0.18
Mar-20 33.5 -15.57
Apr-20 15.1 -29.59
May-20 39.5 -9.23
Jun-20 48.3 -4.55
Jul-20 48.9 -3.0
Aug-20 47.8 .74
Sep-20 47.5 -2.84
Oct-20 44.9 -1.94
Nov-20 45.6 -1.28
Dec-20 45.5 -0.1
Jan-21 44.1 -3.5
Feb-21 45.0 -5.1
Mar-21 50.1 17.8
Apr-21 50.1 42.2
May-21 50.3 4.1
Jun-21 50.3 4.1
Jul-21 49.8 2.9
Aug-21 49.5 -1.3
Sep-21 50 2.6
Oct-21 51.2 2.8
Nov-21 53.3 0.7
Dec-21 52.9 0.9
Jan-22 56.6 3.6
Feb-22 56.3 7.5
Mar-22 52.8 2.4
Apr-22 50.4 1.8
May-22 49.2 2.0
Jun-22 47 1.2
Jul-22 47 1.2
Aug-22 45.7 2.1
Sep-22 44.2 1.9
Oct-22 45.3 1.2
Nov-22 43.6 0.9
Dec-22 42.6 -0
Jan-23 46.1 -0.7
Feb-23 47.6
Mar-23 45
Apr-23 45.2

Eurozone: construction sentiment remains weak, but input cost inflation slowing.

Eurozone construction was up 2.3% m-o-m in February (1.9% y-o-y); Buildings were up 2.1% m-o-m (2.3% y-o-y); Civil works were up 3.6% m-o-m (1% y-o-y).

The IHS Markit Eurozone Construction PMI improved marginally to 45.2 in April from 45 in March (< 50, contraction).

India

X Values Avg industrial production (y-o-y)
Jan-19 1.44
Feb-19 1.79
Mar-19 4.98
Apr-19 4.30
May-19 2.91
Jun-19 0.18
Jul-19 2.00
Aug-19 -0.71
Sep-19 -5.72
Oct-19 -5.41
Nov-19 0.25
Dec-19 2.15
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 4.80
Apr-22 9.50
May-22 19.30
Jun-22 13.10
Jul-22 4.80
Aug-22 4.20
Sep-22 7.80
Oct-22 0.90
Nov-22 5.7
Dec-22 7.0
Jan-23 8.9
Feb-23 7.2
Mar-23 3.6

India: The core index of infrastructure industries continued to improve in March.

The weighted average of eight core industries’ output was up 3.6% y-o-y in March; production of steel was up 8.8%; production of cement was down -0.8% y-o-y.


 

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