WEX, Inc. has released its WEX Construction Fuel Consumption Index (FCI) results in partnership with IHS, Inc. June's monthly figures reflected an increase of 2.5% on a year-over-basis, though they were down 0.5% from May's numbers.
According to an IHS analysis, year-over-year figures provide more reliable insight into the progress of the industry.
"Despite the month-to-month decrease in June for the WEX Construction FCI, the housing market has been showing signs of improvement," read an IHS statement. "Home prices continue to rise as a result of lean inventories, low interest rates, the growing economy and the decreased share of distressed homes. These higher home prices, in turn, are bringing more builders into the market and boosting household wealth."
The FCI measures national fuel consumption for the construction industry in an effort to quantify construction activity in the U.S. WEX and IHS collect data from a closed loop network that includes over 90% of domestic retail fuel locations.
The FCI is habitually released in advance of U.S. Census Bureau figures on construction spending.