季度审查：非住宅建设

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1、NorthAmericaEquityResearch10October2018EE/MIQuarterlyCheck-Up:Non-ResidentialConstructionUSnon-resconstructionPIPdatacontinuedconsistentgrowthin3Q18,similartoElectricalEquipment&Multi-YTDtrends.TopdownindicatorsincludingABI,Dodge,andcreditmetricsIndustryremain

2、somewhatmixedonnetbutoverallpointingtoapositiveoutlook.Bottom-C.StephenTusa,JrCFAACupverticalspecificindicatorsremainsolidonnet.3Qsawacontinuationofsolid(1-212)622-6623trendsinOfficeandEducationverticals,Commercialsteady,andHealthcarestephen.tusa@jpmorgan.coms

3、eeingsomeslowdown.Finally,overalltonefrommanagementteamsonthestateBloombergJPMATUSAofthemarketremainsoptimisticwithexpectationsforLSD-MSDtypegrowththisJ.P.MorganSecuritiesLLCyearandnext,solidbutnotnecessarilydifferentiatedvstheoverallmacroRajatGuptabackdro

4、pandotherendmarkets.Withinourcoverage,companieswithrelevant(1-212)622-6382non-resexposureoverallincludeOWsHON,PNR,IR,HUBBandHDS,UW-rajat.gupta@jpmorgan.comratedJCIandWSO,N-ratedATKR,LII,andWCC,andUTX(notrated).J.P.MorganSecuritiesLLCNon-resquarterlyupdate.Thi

5、squarterlyreportprovidesadetaileddashboardPatrickM.Baumann,CFAofmacrodatarelatedtotheUSnon-residentialconstructionmarket,whichis(1-212)622-0160patrick.m.baumann@jpmorgan.comimportanttotheEE/MIsector,with~15-20%oflarge-capsalesdirectlyorJ.P.MorganSecuritiesLLCi

6、ndirectlyrelated.Inadditiontothecommonlyfollowedtop-downdata,welookatbottom-updriversofconstructionactivitywithmacrodataacrosstheAbhipsaSahu(91-22)6157-4230majornon-resverticalssuchasoffice,retail,andeducation.abhipsa.sahu@jpmorgan.comEE/MIrelatedUSnon-rescon

7、structionshowssteadygrowthYTDin2018J.P.MorganIndiaPrivateLimitedfrom2017levels.Constructionput-in-placeinkeyverticals,asmeasuredbyourJPMEE/MINon-ResIndex,wasup~4%in3QQTDthroughAug(+3%in2Q18,+2%in1Q18,-1%in2H17).GrowthinPublicmarkets(up~6%QTD)outpacedprivatemar

8、kets(up~3%QTD).Amongnon-institutionalverticals,officecontinuedtoaccelerate,up~12%,vsup~10%in2Q,up~4%in1Qanddown~7%in2H17.Commercialstayedsteadyat+3%vs~+3%in2Q18afterdeceleratingfro