The IHS Markit Germany construction PMI expanded to 55.8 in July from 55.1 recorded in the previous month, IHS Markit press statement revealed. This indicated the second-quickest pace of uptick after March last year.
The Germany construction PMI gained due to three monitored areas recording increased activity in the month. One among them is the commercial sector that continued to expand at the sharpest growth pace ahead of engineering that has seen third-quickest expansion rate in the survey history.
The statement revealed, “Growth was broad-based across residential, commercial and civil engineering, and new business rose strongly. Subsequently, construction firms boosted employment and usage of sub-contractors during the month, with the latter increasing their charges at the second-fastest rate in the survey history. Purchasing activity increased at a marked rate, and input price inflation remained historically sharp.”
The survey conducted in July also indicated optimism in respect of the 12-month outlook for activity that remained strong. However, sentiment moderated to the weakest level in the current year until now. The release pointed out that businesses have disclosed increased intakes of fresh orders, as well as, quotations.