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 931545
May-22 1695 945199
Jun-22 1696 934369
Jul-22 1685 920354

U.S. homebuilding in July dropped to the lowest level in 18 months on rising interest rates and prices of construction materials.

Private residential output down -1.5% m-o-m (14% y-o-y); building permits down -0.6% m-o-m (1.8% y-o-y). Private non-residential output up 0.4% m-o-m (3.1% y-o-y); Architecture Billings Index (ABI) fell to 51 in July from 53.2 in June (>50, expansion) with the lowest reading since January.

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

Residential sector remains under pressure due to government crackdown on property industry excesses and zero-covid policy. Recent loosening of restrictions aiding property sales.

The 3 month moving average y-o-y growth in floor space fell -44% in July; floor space sold fell -25% 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 -3.40
Feb-21 45 -4.77
Mar-21 50.1 18.27
Apr-21 50.1 42.54
May-21 50.3 10.91
Jun-21 50.3 4.57
Jul-21 49.8 2.65
Aug-21 49.5 -1.56
Sep-21 50 2.54
Oct-21 51.2 2.92
Nov-21 53.3 0.55
Dec-21 52.9 0.93%
Jan-22 56.6 3.70%
Feb-22 56.3 7.47%
Mar-22 52.8 2.35%
Apr-22 50.4 2.18%
May-22 49.2 2.00%
Jun-22 47 0.64%
Jul-22 45.7 #N/A
Aug-22 44.2 #N/A

Eurozone construction remains burdened by scarcity of labour and material shortages.

Eurozone construction fell -1.3% m-o-m (0.6% y-o-y); Buildings down -1.2% m-o-m (0.6% y-o-y); Civil works down -1.3% m-o-m (0.3% y-o-y). In June, the IHS Markit Eurozone Construction PMI dropped to 44.2 in August from 45.7 in July (<50, contraction).

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 4.80
Apr-22 9.50
May-22 19.30
Jun-22 13.20
Jul-22 4.50

New investment projects and government capital expenditure to continue supporting construction.

Weighted average of eight core industries output up 4.5% y-o-y in July; production of steel up 5.7%, cement up 2.2% y-o-y.


 

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