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Financial News: German Construction Growth Remains Strong In June

German Construction Growth Remains Strong In June

07/05/2018 - 07:58:00 (RTTNews)

(RTTNews) - Germany's construction sector growth remained robust in June, despite easing from the previous month, survey data from IHS Markit showed Thursday.

The construction Purchasing Managers' Index dropped to 53.0 in June from 53.9 in May. However, any reading above 50 indicates expansion in the sector.

Of the three broad areas of activity monitored by the survey, housing activity showed the strongest rate of growth, but eased slightly from May. This was also the case for commercial activity, while civil engineering activity increased for the first time in five months.

Higher workloads translated into further strong rises in employment and demand for materials, with purchasing activity rising to the greatest extent since January.

"June saw price pressures pick up in the construction sector, as in other parts of the economy," Phil Smith, Economist at IHS Markit, said.

"The survey highlighted the impact of new toll charges - introduced July 1st - which panellists indicated had already been factored into prices by some suppliers."

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