WEX Releases Monthly Construction Fuel Consumption Index (FCI) Results

  WEX Releases Monthly Construction Fuel Consumption Index (FCI) Results

 U.S. Construction Industry Fueling Increased 5.2% Year-Over-Year in October;
                        Up 4.1% versus Previous Month

Business Wire

SOUTH PORTLAND, Maine -- November 27, 2012

WEX Inc. (NYSE: WXS), a leading international provider of physical, digital
and virtual corporate card payment solutions, in collaboration with IHS (NYSE:
IHS), the leading global source of information and analytics, today released
results of its WEX Construction Fuel Consumption Index (FCI), which indicated
an increase of 5.2% in October versus its level the previous year.

The WEX Construction FCI measures national fuel consumption statistics for the
construction industry, which provides an accurate and up-to-date indication of
construction activity in the United States.

WEX worked with IHS to capture and analyze transaction data from its closed
loop network of more than 180,000 fuel and vehicle maintenance locations,
including over 90 percent of the domestic retail fuel locations and 45,000
vehicle maintenance locations. With this data, the WEX Construction FCI can be
used to identify emerging trends within the construction industry and the
national economy.

The indicators were tested at monthly, quarterly, and annual frequencies, with
the greatest insights produced using the year-over-year percent change of the
monthly data. For October 2012, the WEX Construction FCI reported that fuel
consumption by U.S. construction companies increased 4.1% versus the previous
month and increased 5.2% versus October 2011.

The WEX Construction FCI, which is available monthly in advance of the U.S.
Census Bureau figures on construction spending, is available at
http://www.wexinc.com/fuel-consumption-index.

Last month’s WEX Construction FCI was consistent with the modest growth
indicated by the seasonally-adjusted index in most of the government’s
subsequent construction data releases. Construction spending excluding
improvements – a good measure of activity – increased by 0.4% in September,
while private residential construction showed solid growth of 3.5%. September
housing permit statistics grew to the highest level since July 2008 by
increasing 11.6%. Housing starts increased by 15.0% in September, to an annual
rate of 872,000. The strong result for the WEX Construction FCI in October
coincided with a positive October employment report, as construction
employment rose by 17,000 jobs. Total construction put-in-place, which is
released a month later than the Fuel Consumption Index, grew by 0.6% in
September.

IHS Analysis

According to the IHS analysis, the two consecutive months of positive growth
in the WEX Fuel Consumption Index coincides with recent signs of life for
housing statistics. New home sales jumped 5.7% in September to an annual
389,000-unit annual rate, which is the highest figure since April 2010.

While new home sales grew, inventory remained extremely tight. This is good
news since low inventories will spur builders to either put up new homes or
lose sales. Another incentive for increased construction is higher prices. In
September, the average and median prices of a new home were 14.5% and 11.7%
higher than the previous year, respectively. Although new home sales are
improving, they are not expected to reach the normal levels of above 800,000,
until 2015.

The WEX Construction FCI for October 2012 is available at
http://www.wexinc.com/fuel-consumption-index.

About WEX Inc.

WEX Inc. (NYSE: WXS) is a leading international provider of physical, digital
and virtual corporate card payment solutions. From its roots as a pioneer in
fleet card payments in 1983, WEX now provides its more than 350,000 customers
― representing more than 6.5 million cardholders ― with exceptional payment
security and control across a wide spectrum of business sectors. The Company’s
operations include WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, Wright
Express Prepaid Cards Australia, Wright Express Fuel Cards Australia, Wright
Express New Zealand and CorporatePay Limited, England, as well as a majority
equity position in UNIK S.A., Brazil. WEX and its subsidiaries employ more
than 1,300 associates. For more information about WEX, please visit
WEXInc.com.

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Contact:

News media contact:
WEX Inc.
Jessica Roy, 207-523-6763
Jessica_Roy@wexinc.com
 
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