WEX Releases Monthly Construction Fuel Consumption Index (FCI) Results
U.S. Construction Industry Fueling Increased 3.2% Year-Over-Year in April,
Down 0.7% versus Previous Month
SOUTH PORTLAND, Maine -- May 20, 2013
WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, in
collaboration with IHS, Inc., the leading global source of critical
information and insight, today released results of its WEX Construction Fuel
Consumption Index (FCI), which indicated an increase of 3.2% in April versus
its level at the same time 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, which includes over 90 percent of the domestic retail fuel
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 April 2013, the WEX Construction FCI reported that fuel
consumption by U.S. construction companies increased 3.2% versus April 2012
and decreased by 0.7% versus the previous month.
The WEX Construction FCI, which is available monthly in advance of the U.S.
Census Bureau figures on construction spending, is available at
Last month’s WEX Construction FCI reflected the seventh consecutive month of
year-over-year growth indicated by the seasonally-adjusted index in most of
the government’s subsequent construction data releases. Private residential
construction increased by 1.4% in March; however, construction spending
excluding improvements – a good measure of activity – fell by 1.7% in the same
period. Housing starts jumped by 7.0% to an annual rate of 1,036,000 while
total housing permit statistics dropped in March by 3.9%. Total construction
put-in-place, which is released a month later than the WEX Construction FCI,
declined by 1.7% in March. The total employment report was positive with an
increase of 165,000 jobs, but the construction industry lost 6,000 jobs in
According to the IHS analysis, despite the month-to-month decline in April for
the WEX Construction FCI, the housing market has been showing signs of
improvement. New home sales increased by 1.5% in March to a 417,000-unit
annual rate. Meanwhile, existing home sales rose 0.6% in March and total
inventory increased by 1.6%, but remains extremely lean.
Home prices continue to rise as a result of lean inventories, low interest
rates, the growing economy, and the decreased share of distressed homes.
Higher home prices, in turn, are bringing more builders into the game. The
housing market is expected to continue to improve and outperform the rest of
the economy over the next few quarters, which is due to the low level of
housing inventory and low interest rates. The recovery in housing would be
even stronger if it was not for the difficult lending requirements facing
The WEX Construction FCI for April 2013 is available at
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions.
From its roots in fleet card payments beginning in 1983, WEX has expanded the
scope of its business into a multi-channel provider of corporate payment
solutions representing more than 7.6 million cardholders and offering
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 www.wexinc.com.
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Jessica Roy, 207-523-6763
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