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Financial News: Germany Construction Activity Continues To Shrink

Germany Construction Activity Continues To Shrink

11/05/2021 - 05:35:00 (RTTNews)

(RTTNews) - The downturn in Germany's construction sector continued in October largely due to material shortages and acute price pressures, data published by IHS Markit showed on Friday.

The construction Purchasing Managers' Index rose to 47.7 in October from 47.1 in September. However, a reading below 50.0 indicates contraction.

The positive note on the activity was a rise in work on commercial building projects. Commercial building activity posted its first such increase since February 2020.

By contrast, there was an increased drag on total industry activity from the civil engineering category. Meanwhile, housing activity fell at a moderate pace that was unchanged from September.

Order inflows continued to fall in October as clients put off projects amid higher prices. Average prices paid for building materials and products increased steeply again.

German constructors noted a near-record increase in average rates charged by subcontractors. Constructors continued to face supply-side constraints from a lack of available materials.

Nonetheless, buying levels of contractors remained broadly stable after five straight months of decline. Employment at German constructors rose slightly for the second month in a row.

Looking ahead, constructors were somewhat divided on the outlook for activity.

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