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What happened in the global construction market?

According to Worldsteel's data, while the activity in the construction sector in the USA continued, China's real estate activities continued to decline.

What happened in the global construction market?

United States of America

Strong demand for single-family housing continues. Incentives to stimulate production in the domestic market are increasing factory construction.

Private residential output increased 0.9% month on month and -10.4% year-on-year in June; Construction permits decreased by 3.7% monthly and -15.3% annually. However, single-family housing permits rose 2.4% month on month to their highest level since June 2022.

Private non-residential output was the same in June compared to the previous month and was 21% year-on-year. Spending on private non-residential structures such as factories remained unchanged, with increases in manufacturing and trade offset by declines in power plants and healthcare spending; The Architectural Billing Index (ABI) fell from 51 to 50.1 in May.

China

As China's real estate activity declines, authorities are pushing the industry to support it with incentives; infrastructure expenditures support the construction industry.

The 3-month moving average, which started in the ground area, decreased annually to -30% in June; floor space sold fell -22% year on year. Railway, road transport and civil aviation grew by 21%, 3% and 10%, respectively, compared to the previous year.

Europe

Activity in the Eurozone is stagnant and confidence in the sector is declining.

Eurozone construction increased 0.2% month on month and 0.3% year on year in May; Buildings were up 0.3% month on month and -0.1% year-on-year; Construction activities increased by 0.1% month-on-month, 3.3% year-on-year.

IHS Markit Eurozone Construction PMI decreased from 44.2 in June to 43.5 in July.

India

The core index of infrastructure industries hit a five-month high in June.

The weighted average production index of eight core industries increased by 8.2% y-o-y in June; steel production increased 22%; cement increased by 9.4% year-on-year.

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