SOUTH PORTLAND, ME – Wright Express is working with IHS Global to create its new Construction Industry Fuel Consumption Index (FCI). The index measures national fuel-consumption statistics for the construction industry, which makes up approximately 20 percent of Wright Express’ portfolio, according to the company.
For August 2011, the Wright Express Construction FCI reported that fuel consumption by U.S. construction companies rose by 3.9 percent versus August 2010 and expanded by 1.1 percent versus the previous month. The company said its latest findings continue the trend of the index rising on an annual basis in every month of 2011.
Wright Express said it worked with IHS Consulting and Advisory Services to capture and analyze transaction data from its network of more than 180,000 fuel and vehicle maintenance locations, including more than 90 percent of the domestic retail fuel locations and 45,000 vehicle maintenance locations.
According to the Wright Express Construction FCI, the construction industry appears to be trending upwards due to the index increase of 3.9 percent on an annual basis in August. Consistent annual fuel consumption growth suggests the construction industry is expanding though slowly, Wright Express stated. The company said growth in the seasonally adjusted index has been relatively flat in recent months. This month's result marks the first change of more than 1 percent since February.