WEX Inc. (formerly Wright Express) released its latest WEX Construction Fuel Consumption Index (FCI) report, which shows fuel consumption for the construction industry for the month of January. According to the report, fuel consumption by construction companies in the U.S. was up 5.8% in January compared with the same month in 2012. This figure also represents a 0.4% increase over December 2012. WEXC said the construction industry added 28,000 jobs in January and gained 30,000 in December but that this gain did not increase the FCI.
According to IHS Global Insight, which WEX works with to generate this report, housing inventory is falling because builders aren’t building enough homes, which will likely mean improvements in the construction industry over the next few quarters.