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Financial News: German Construction Growth Improves Strongly In May

German Construction Growth Improves Strongly In May

06/06/2017 - 05:55:00 (RTTNews)

(RTTNews) - Germany's construction activity growth improved at the second-fastest rate in over a year in May, survey data from IHS Markit showed Tuesday.

The construction Purchasing Managers' Index climbed to 55.3 in May from 54.6 in April. A reading above 50 indicates expansion in the sector.

Moreover, the latest PMI score signaled the second-fastest rate of expansion since March 2016.

Among categories, civil engineering activity recorded the sharpest rate of expansion, closely followed residential construction. Meanwhile, commercial activity rose at a slower rate.

New orders grew for the seventh successive month in May, but the rate of expansion eased to the weakest since November last year.

To accommodate increased workloads, German construction firms raised their workforce numbers in May. Construction employment rose at one of the fastest rates in the survey history.

"Input price inflation remained sharp overall but eased to a five-month low, while sub-contractors increased their charges at the second-fastest rate on record," Trevor Balchin, Senior Economist at IHS Markit, said.

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