This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wright Express Construction Fuel Consumption Index Compared With Total Construction Put-In-Place (Graphic: Business Wire)

Wright Express Corporation (NYSE: WXS), a leading global provider of value-based business payment processing and information management solutions, in collaboration with IHS (NYSE: IHS), the leading global source of information and analytics, today released results of its Wright Express Construction Fuel Consumption Index (FCI), which indicated a decrease of 2.2% in August versus its level the previous year.

The Wright Express 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.

“The results of the August 2012 Fuel Consumption Index reflect the continued struggle for growth in the U.S. construction industry,” said Rick Pomerleau, vice president, corporate development at Wright Express. “While in recent months we saw somewhat consistent FCI growth year-over-year and nearly flat growth in July, the decline in August serves as a reminder that the economy has yet to stabilize.”

Wright Express 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 Wright Express 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 August 2012, the Wright Express Construction FCI reported that fuel consumption by U.S. construction companies decreased by 2.2% versus August 2011 and also declined by 2.1% versus the previous month.

The Wright Express Construction FCI, which is available monthly in advance of the U.S. Census Bureau figures on construction spending, is available at www.wrightexpress.com/fci.

Last month’s Wright Express Construction FCI corresponded with decreased construction spending levels evident in most of the government’s subsequent construction data releases. Construction spending excluding improvements – a good measure of activity – decreased by 0.2% in July; however, one positive segment was private residential construction, which rose by 1.6%. August housing permit statistics mirrored the declining Fuel Consumption Index by falling 1.0% in August to an annual rate of 803,000. Housing starts did climb to their second highest level since October 2008 with an increase of 2.3% in August. Total construction put-in-place decreased by 0.9% in July.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs