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Financial News: Germany's Construction Growth Remains Strong In October

Germany's Construction Growth Remains Strong In October

11/07/2017 - 04:46:00 (RTTNews)

(RTTNews) - Germany's construction sector continued to expand strongly in October, though the rate of growth was the weakest in nine months, survey data from IHS Markit showed Tuesday.

The headline Purchasing Managers' Index dropped slightly to 53.3 in October from 53.4 in September. However, any reading above 50 indicates expansion in the sector.

Among sectors, housing activity was the best performing area with the strongest growth for three months. Commercial activity rose at the weakest rate since February, while civil engineering activity increased only marginally.

Although new orders grew for the twelfth successive month in October, the rate of expansion eased to a four-month low.

The rate of job creation was among the fastest seen since data collection began in late- 1999.

Meanwhile, rising demand for building materials acted to increase the strain on supply chains.

Moreover, the incidence of delivery delays was one of the greatest seen for over a decade.

On the price front, purchase cost inflation accelerated to the highest since March 2011, as demand for materials outstripped supply.

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