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Construction market trends

Time : 2023-10-13

Elevated interest rates contribute to a decline in homebuilding, but the surge in permits buoys well for future residential construction. Manufacturing construction remains solid.

Private residential output is up 0.6% m-o-m (-3.1% y-o-y) in August; Building permits up 6.8% m-o-m (-2.8% y-o-y) in August.

Private non-residential output is up 0.3% m-o-m (19.7% y-o-y) in August; Architecture Billings Index (ABI) falls to 48.1 in August from 50 in July (< 50, contraction).

Government introduces stimulus measures to residential property but in a piecemeal fashion to avoid adding to increasing public debt. Infrastructure supports overall construction activity.

The 3-month moving average y-o-y decline in floor space started reached -28% in August; floor space sold was down -26% y-o-y during the same period. Railway investment is up 23% year-to-date, y-o-y in August.

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Eurozone construction activity remains weak; construction confidence in negative territory.

Eurozone construction was up 0.8% m-o-m (1.3% y-o-y) in July; Buildings were up 0.9% m-o-m (1% y-o-y); Civil works are down -0.4% m-o-m (3.6% y-o-y).

The IHS Markit Eurozone Construction PMI increased marginally to 43.6 in September from 43.4 in August (< 50, contraction).

A favourable monsoon contributes to double-digit expansion in the core index of industrial activity.

Weighted average of eight core industries’ output rose by 12% y-o-y in August; steel production up 11%, and cement up by 19% y-o-y.

Last：Steel is at the core of a green economy. Next：Gas pipelines in Germany are ready for hydrogen transport

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Construction market trends
May 2021 crude steel production
Steel is at the core of a green economy.
Steel PMI decreased to 44.3% in March

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