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Financial News: German Construction Shrinks Most In 21 Months On

German Construction Shrinks Most In 21 Months On Weak Housing Activity

12/06/2022 - 07:21:00 (RTTNews)

(RTTNews) - Germany's construction sector deteriorated at the steepest pace in nearly two years in November, primarily due to a sharp fall in housing activity, survey results from S&P Global showed on Tuesday.

The construction Purchasing Managers' Index dropped to 41.5 in November from 43.8 in October. Any reading below 50.0 indicates contraction.

Among the three broad categories, the residential property segment logged a sharp decline in activity, which was the fastest fall since February 2012.

The fall in civil engineering activity was the most pronounced for twenty-one months. Meanwhile, the commercial sector registered the slowest decline in eight months.

Easing demand for construction activity in November was mainly attributed to high prices, rising interest rates, and hesitancy among customers.

New orders received by building companies fell at the second-fastest pace in over two-and-a-half years.

A slowdown in construction activity and fewer new jobs led German construction companies to trim their workforce in November. Employment fell for the eighth successive month, though marginally.

Supply chains in construction were relieved of some pressure as a result of lower demand for building materials and products. In turn, purchasing activity decreased at the sharpest since February 2021.

On the price front, input price inflation remained elevated in November due to high energy costs and rising factory gate charges. Nonetheless, the rate of inflation was the second-weakest in 21 months, thanks to easing supply-chain pressures. Output charges also grew more slowly during November.

Looking ahead, the majority of German constructors showed a deep pessimistic approach towards expected activity over the next twelve months, reflecting an array of headwinds to demand.

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