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 an increase of 1.4% in July versus its level the previous year.
IHS AnalysisAccording to the IHS analysis, the continued flat growth for the Wright Express Construction FCI in July, and with the additional loss in June, indicates a delayed recovery for the construction industry. New home sales fell 8.4% in June; however, the loss should not be considered significant due to an anomalous sales plunge in the Northeast. Despite the uncharacteristic decrease in June, the housing market remains on track for recovery with the three-month average showing new home sales gradually increasing. The key obstacle to the housing recovery continues to be tight credit conditions, which is why sales to non-investors have been only inching up in recent months, despite low mortgage rates and plenty of affordable homes (in most markets). The homeowner vacancy rate measuring the proportion of homes that are vacant and for sale slipped 2.1% in the second quarter of 2012, which is still too high from the "normal" range of 1.6% – 1.7%. Home prices have been rising slowly in recent months and any gain in prices is good news because the price gains reduce the number of homeowners with “underwater” mortgages. The Wright Express Construction FCI for July 2012 is available at www.wrightexpress.com/fci. About Wright Express Wright Express is a leading provider of value-based, business payment processing and information management solutions. The Company’s fleet, corporate and prepaid payment solutions provide its more than 350,000 customers with unparalleled security and control across a wide spectrum of business sectors. The Company’s operations include Wright Express Financial Services, Pacific Pride, rapid! PayCard, Wright Express Prepaid Cards Australia, Wright Express Fuel Cards Australia and CorporatePay Limited, England. Wright Express and its subsidiaries employ more than 900 associates in six countries. For more information about Wright Express, please visit wrightexpress.com. Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50384926&lang=en