The Wright Express Construction Fuel Consumption Index has an intriguing premise: by tracking how much fuel contractors are using at 180,000 fuel and vehicle maintenance locations, it says it can identify emerging trends in construction and the economy at large.
Although contractors used 2.8 percent less fuel than in March this year, March had an unusually strong growth of 3,9 percent, says Michael Dubyak, Wright Express’ chairman and CEO. While the data is collected monthly and quarterly, Wright says the index’s greatest insights are gained when comparing year-over-year percentage changes. For April, the index shows fuel consumption by construction companies decreased 0.3 percent, compared with April 2011.
Wright produces the index jointly with IHS, which does an analysis of the data. Says IHS: “despite recent gains, the industry’s growth has lost some momentum.” While the inventory of new housing is beginning to tighten, getting rid of excess housing supply could be a drawn-out affair.
Wright Express offers fleet, corporate and prepaid payment solutions, with Pacific Pride and rapid! PayCard among its services.