Construction MMI®: ABI Up in September, US Construction Spending Highest Since 2008

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The Architecture Billings Index, an indicator of US non-residential building activity tracked by the American Institute of Architects, rose in September due to an increase in demand for institutional projects.

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The index rose to 55.2 last month from 53.0 in August, the AIA said today. The index, based on a survey of US architects and reflects a roughly 9 to 12 months lag between architecture billings and construction spending. Speaking of which, Consulting firm Rider Levett Bucknall recently released a report that said actual US construction spending is now at its highest since pre-recession 2008.

The week’s biggest mover on the weekly Construction MMI® was the weekly US Gulf Coast bar fuel surcharge, which saw a 2.0% decline to $0.48 per short ton. This week marked the third in a row of declining prices for the metal. Closing out the third week of declining prices, the weekly US Midwest bar fuel surcharge dropped by 1.2%, finishing at $0.48 per mile. The weekly US Rocky Mountain bar fuel surcharge fell 0.5% over the past week to $0.51 per mile. This was the third week in a row of declining prices.

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US shredded scrap prices were off slightly at $361.00 per short ton, down from $364.00 a week ago. This past week, the Chinese low price of 62% Australian iron ore fines kept quiet, holding at at CNY 970.00 ($157.94) per dry metric ton. Prices for Chinese H-beam steel remained constant, closing the week at CNY 3,070 ($499.86) per metric ton. At CNY 2,960 ($481.95) per metric ton, the week finished with no movement for Chinese rebar.

At CNY 14,200 ($2,312) per metric ton, the price of Chinese aluminum bar did not change since the previous week. Closing at EUR 2,365 ($2,991) per metric ton, European 1050 aluminum remained unchanged for the week.

The Construction MMI® collects and weights 9 metal price points used within the construction industry to provide a unique view into construction industry price trends. For more information on the Construction MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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