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Financial News: Germany Construction Sector Growth Fastest In 10 Months

Germany Construction Sector Growth Fastest In 10 Months

02/06/2020 - 06:37:00 (RTTNews)

(RTTNews) - Germany's construction sector expanded at the fastest pace in ten months in January and was the second fastest over past two years, led by home building and commercial activity, survey data from IHS Markit showed on Thursday.

The construction Purchasing Managers' Index rose to 54.9 in January from 53.8 in December. Any reading above 50 indicates expansion in the sector.

Home building increased at the sharpest rate in ten months in January.

Commercial grew with the level of work on office spaces, manufacturing plants, retail centers and other commercial projects rising for the first time in seven months, albeit moderately.

Meanwhile, civil engineering activity decreased for the tenth straight month in January, though the decline was modest and the second-weakest.

Order book volumes increased for the third month in a row in January and the rate of growth was the fastest since February last year.

Additional staff were hired and expanding their use of subcontractors. The rate of job creation and the rise in sub-contractor usage were the strongest in ten months in January.

Supply chain pressures increased in January, with lead times on inputs lengthening to the greatest extent since May and the rate of cost inflation rose sharply to the highest in six months.

The degree of confidence remained subdued in January compared to the highs over the past four years and constructors reported moderate optimism towards the outlook for activity over the next 12 months.

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