ConstructConnect’s Expansion Index is a monthly measure of the nominal dollar value of planned construction projects compared to the same month one year ago. The Index geographically covers the United States, Canada, and their respective states and metropolitan statistical areas.
November’s release, which reports on data collected in the prior month, extended several of the industry trends that ConstructConnect has previously identified.
The Index’s latest national reading for Canada at 1.06 marked the reading’s fifth consecutive decline.
A falling reading above 1.00 signals slowing growth in planned construction spending. The Index has fallen by 10 points since reaching a localized high of 1.16 in June 2022. Similarly, it has fallen a total of 15 points from a year ago.
The fastest expansion in planned construction spending was recorded in New Brunswick, followed by Ontario and Saskatchewan.
In contrast to the slowing expansion affecting Canada, U.S. nationwide readings have reported accelerating expansion in each of the last seven months.
The latest reading at 1.22 represents a 22% increase in the total dollar value of contemplated projects in October 2022 as compared to October 2021. This latest reading is furthermore the highest in any of the last 24 months.