Construction market trends

United States

X Values Permits (LHS, SAAR Millions) Output (RHS, SAAR USD billions)
Jan-19 1316 528328
Feb-19 1305 523569
Mar-19 1327 525424
Apr-19 1330 530800
May-19 1338 532148
Jun-19 1273 538372
Jul-19 1366 543830
Aug-19 1471 552508
Sep-19 1437 555879
Oct-19 1503 556693
Nov-19 1510 566916
Dec-19 1457 572387
Jan-20 1536 589103
Feb-20 1438 592960
Mar-20 1356 588060
Apr-20 1066 562339
May-20 1216 539555
Jun-20 1258 553721
Jul-20 1483 575451
Aug-20 1476 615396
Sep-20 1545 620941
Oct-20 1544 650484
Nov-20 1635 670051
Dec-20 1704 691000

Surging construction costs and house prices impact negatively on housing starts and permits; architecture firms reporting strong business conditions.

Following three months of decline, permits recovered slightly in July and by 2.3% m-o-m (5.7% y-o-y) due to the volatile multi-family home segment. Private non-residential output fell -0.2% m-o-m (-3.6%, y-o-y) in July. Architecture Billings Index (ABI) continued to record strong activity and at 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

Property market slowing after authorities step up curbs in early 2021 to prevent overheating.

The 3 month moving average y-o-y growth in floor space started fell to -10% in July; floor space sold up 3.4% 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 -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

Home building sector recovers but commercial and civil still weak.

Eurozone output fell -1.7% m-o-m in June (3.2% y-o-y). IHS Markit Eurozone Construction PMI fell to 49.5
in August from 49.8 in July amid contruction material shortages (< 50, contraction).

India

X Values Floor space started
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 -42.25
May-20 -21.14
Jun-20 -12.09
Jul-20 -7.95
Aug-20 -7.48
Sep-20 -0.34
Oct-20 -2.11
Nov-20 -1.92
Dec-20 -1.70

Indian economy showing signs of growth but still far from pre-pandemic levels of activity.

Weighted average of eight core industries output up 9.4% y-o-y in July with all sectors increasing (except crude oil) and mainly due to weak base of comparison in 2020.


 

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