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Financial News: Germany Construction Sector Contracts At Fastest Pace Sinc

Germany Construction Sector Contracts At Fastest Pace Since Early 2021

08/04/2022 - 05:42:00 (RTTNews)

(RTTNews) - Germany's construction activity contracted the most since February 2021 amid heightened market uncertainty, sharp price rises and rising interest rates, survey data from S&P Global showed on Thursday.

The construction Purchasing Managers' Index fell to 43.7 in July from 45.9 in June. The latest score signaled the steepest fall since February 2021, when severe bad weather had caused major disruption to work on sites.

Among monitored segments, commercial activity posted the biggest fall and residential building contracted at a faster rate. At the same time, civil engineering moved against the broader trend with a slightly slower decline in activity. The survey showed a sharp fall in demand for building work, with inflows of new orders falling for the fifth consecutive month.

Expectations weakened to the lowest since March 2020 as contractors were concerned about the soaring cost, rising interest rates and growing threat of gas shortage.

There was a reduction in workforce numbers in July and buying levels decreased at an accelerated pace.

With supply-demand imbalances easing somewhat, the rate of increase in purchase prices faced by construction companies was the weakest since February 2021. Still, it remained strong by historical standards.

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