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Financial News: German Construction Activity Falls At Fastest Pace Since

German Construction Activity Falls At Fastest Pace Since 2010

05/07/2020 - 08:07:00 (RTTNews)

(RTTNews) - Germany's construction activity contracted at the steepest pace in more than ten years in April due to the disruptions caused by the coronavirus, or Covid-19, pandemic, survey results from IHS Markit showed Thursday.

The headline construction Purchasing Managers' Index fell to 31.9 in April from 42.0 in March. A score below 50 indicates contraction.

This was the lowest reading since the series-record low of 28.9 in February 2010, when severe bad weather had exacerbated an ongoing slump in activity caused by the global financial crisis.

Data showed sharp falls in activity across each of the three broad categories monitored by the survey.

Commercial activity reported the steepest contraction, a record for this series. Similarly, work on civil engineering projects marked its worst performance since February 2012. Homebuilding was more resilient, but the rate of decline was the fastest in over eight years.

New orders at German constructors fell at the sharpest rate in more than two decades. Employment decreased at the fastest rate in more than 15 years.

Despite falling demand for inputs, supplier delivery times continued to lengthen in April. The rate of purchase price inflation faced by German constructors slowed sharply for the second month in a row, data showed.

Confidence towards future activity remained firmly in negative territory in April.

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