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 -3.12
Aug-21 55.6 -2.25

Residential construction impacted by shortages of building materials and labour; Private non-residential construction improvement continues.

Private residential output up 0.4% m-o-m in August (24% y-o-y). Building permits up 5.6% m-o-m (13% y-o-y). Private non-residential output down -1% m-o-m in August (-2.3% y-o-y). Architecture Billings Index (ABI) reaches 55.6 in August from 54.6 in July (> 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 -17.65
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

Adjustment in residential real estate sector continues but infrastructure output supportive.

The 3 month moving average y-o-y growth in floor space started down -13% in August; floor space sold down -4% during same period.

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 -2.86
Feb-21 45 -4.05
Mar-21 50.1 18.59
Apr-21 50.1 43.58
May-21 50.3 11.31
Jun-21 50.3 4.19
Jul-21 49.8 3.69
Aug-21 49.5

Continued stabilising activity in construction. Buildings supported by demand while infrastructure lags behind.

Eurozone construction up marginally and by 0.1% m-o-m in July (3.7% y-o-y). IHS Markit Eurozone Construction PMI increased to 50 in September from 49.5 in August (< 50, contraction)

India

X Values Floor space started
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 11.61
Apr-21 80.12
May-21 16.18
Jun-21 8.89
Jul-21 9.68
Aug-21 11.3

Gradual pickup in economic activity continues.

Weighted average of eight core industries output up 11.6% y-o-y in August and led by coal, natural gas, refinery products and steel. Cement production up 36%.


 

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