Germany’s construction activity growth has significantly improved at the second-fastest rate in over a year in May.
The construction Purchasing Manager’s Index hit 55.3 in May from 54.6 in April. According to the report, a reading of 50 and above indicates expansion in the sector.
Civil engineering activity demonstrated the sharpest rate of expansion, followed closely by residential construction.
An increase in project workloads meant that German construction firms raised their workforce numbers in May, with construction employment rising at a fast rate.
“Input price inflation remained sharp overall but eased to a five-month low, while sub-contractors increased their charges at the second-fastest rate on record,” said Trevor Balchin, Senior Economist at IHS Markit.
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