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Financial News: Germany Construction Sector Contracts Sharply

Germany Construction Sector Contracts Sharply

02/06/2024 - 04:04:00 (RTTNews)

(RTTNews) - Germany's construction sector contracted sharply at the start of the year with sustained declines in activity, new orders and employment, survey results from S&P Global showed on Tuesday.

The HCOB construction Purchasing Managers' Index fell to 36.3 in January from 37.0 in December.

The latest score was one of the lowest in the series history and well below the neutral 50.0 mark.

Among three broad categories, housing activity remained the worst performer and there was another deeper downturn in commercial building works. Meanwhile, civil engineering activity declined at the slowest rate in four months.

"Just when you think it cannot get any worse, it can," Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said.

"According to the PMI, the German construction sector is extending and deepening its downturn which has been in place since April 2022 for another month, with no near end in sight," added Rubia.

With new orders continuing to fall sharply and firms maintaining a negative outlook for future activity, there were further job losses.

Input costs increased for the second straight month, in a reversal of the trend seen throughout much of last year. This coincided with a renewed lengthening of supplier delivery times, the survey showed.

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