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Financial News: Germany Construction Activity Improves In September

Germany Construction Activity Improves In September

10/04/2019 - 07:35:00 (RTTNews)

(RTTNews) - Germany's construction sector expanded modestly in September, led by a growth in housing activity that offset slower declines in commercial and civil engineering, survey data from IHS Markit showed on Friday.

The construction purchasing managers' index, or PMI, rose to 50.1 in September from August's 62-month low of 46.3. Any reading above 50 indicates expansion in the sector.

Among sub-sectors, both commercial and civil engineering activity contracted in September. Commercial activity declined at the slowest pace in three months.

New orders declined for the fifth straight month in September, but at a softer rate, mainly due to a lack of tender opportunities from the public sector. Job creation increased in the construction sector as outstanding works were high.

Suppliers' delivery times deteriorated in September with a rise in purchasing. The cost of building material and products increased, but eased to the weakest since February 2016. Subcontractor rates rose at the fastest pace since April.

Business sentiment remained slightly negative in September after falling to a forty-six month low in the previous month.

"Expectations for activity over the coming year remain subdued relative to the highs in 2017 and 2018, which in large part reflects concerns that the downturn in the manufacturing sector will weigh on the number of new commercial building projects," Phil Smith, principal economist at IHS Markit, said.

Separate data from the IHS Markit showed that the Eurozone construction sector rebounded in September, though marginally.

France construction sector activity fell to the lowest level in four months is September, but remained above 50 for the sixth month in a row.

Italy's construction sector expanded in September. The rate of expansion was favorable with the long-run series average of 47.6.

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