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Here’s an index that offers a spot-on snapshot on how contractors are doing: It measures how much fuel the construction industry is using.
Wright Express says its captures and analyzes fuel transaction data from its closed loop network of more than 180,000 fuel and vehicle maintenance locations. With data partner IHS, Wright then uses the index to identify construction trends.
So what’s the current condition of construction? No surprises here: the Wright Express Construction Fuel Consumption Index decreased by 2.2 percent in August versus its level in 2011. And it saw a 2.1 percent decrease from July. Wright makes its index available in advance of the U.S. Census Bureau figures on construction spending.
“Normal economic conditions are still at least a couple of years away even though the housing market is expected to see some improvement this year,” says Wright.