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Financial News: German Construction Growth Robust In June

German Construction Growth Robust In June

07/06/2017 - 04:07:00 (RTTNews)

(RTTNews) - Germany's construction activity maintained strong growth momentum in June, survey data from IHS Markit showed Thursday.

The construction Purchasing Managers' Index dropped to 55.1 in June from 55.3 in May. However, any reading above 50 indicates expansion in the sector.

Moreover, the latest score indicates the third-fastest rate of growth since March 2016.

Among categories, commercial activity recorded the sharpest rate of expansion, followed by civil engineering projects. Meanwhile, housing activity rose at the weakest rate since August 2016.

New orders rose for the eighth successive month in June, though the rate of expansion was marginal.

Consequently, construction firms raised their workforce numbers and increased their usage of sub-contractors.

Buying activity remained strong despite easing slightly since May. As a result, suppliers' delivery times lengthened to the greatest degree in ten-and-a-half years.

On the price front, cost pressures remained historically sharp in June. Purchase costs increased at the fourth-fastest rate in over five years.

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