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Financial News: German Construction Sector Continues To Contract In June

German Construction Sector Continues To Contract In June

07/06/2022 - 05:00:00 (RTTNews)

(RTTNews) - Germany's construction sector activity deteriorated for the third successive month in June, as demand for building was dampened amid the woes of heightened economic uncertainty, rising building costs and higher interest rates, survey results from S&P Global showed on Wednesday.

The construction Purchasing Managers' Index increased slightly from a nine-month low of 45.4 in May to 45.9 in June. However, any reading below 50 suggests contraction in the sector.

Among the three monitored categories, civil engineering activity recorded the sharpest rate of decline in June, closely followed by commercial activity. Meanwhile, residential projects work decreased to a lesser extent during the month.

New orders fell for the fourth straight month in June, linked to growing hesitancy amongst customers due to unfavorable economic conditions, the high cost of building work and rising interest rates.

In June, purchases of constructors were delayed as a result of material shortages. Both employment and sub-contractor work fell for the third consecutive month.

Input price inflation remained above its historical series average in June despite easing to a five-month low.

Amid concerns about supply chain issues and high inflation, German construction firms remain pessimistic about output expectations in the next year.

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