EWG - German Construction PMI dips once again in March

2023-04-06 03:43:28 ET

The S&P Global Germany Construction PMI fell to 42.9 in March of 2023 from 48.6 in February.

This is another month of sharp contraction in the construction sector, and the biggest so far this year.

Housing activity was the weakest performer while commercial activity fell at a faster rate and work on civil engineering returned to contraction.

Total activity and new orders both went down at quicker rates, leading building companies to cut back on purchasing activity and scale down workforce numbers. Firms remained pessimistic towards the outlook.

On a brighter note, the cost of building materials and products rose at the slowest rate for almost two-and-a-half years in March, which coincided with the most marked improvement in supplier delivery times since March 2010.

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