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Eurozone construction activity continues to grow in November

Christian Fernsby |
Eurozone construction companies saw a marginal rise in activity during November, extending the current sequence of expansion to three months.

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Topics: EUROZONE    CONSTRUCTION   

The weak rate of growth was roughly in line with that recorded in October, as an increase in housing activity offset falls among commercial and civil engineering firms.

Meanwhile, new order growth quickened to its fastest in nine months and firms reported the sharpest rise in headcounts for five months.

Construction input costs continued to rise solidly, but the pace of inflation was the slowest since October 2016.

Little-changed at 50.6 in November from 50.7 in October, the IHS Markit Eurozone Construction PMI signalled a marginal rise in total construction activity, with the rate of growth broadly consistent with that in October.

Germany posted a moderate increase, whilst activity in France was broadly flat and Italian constructors recorded a decline.

At the sub-sector level, the residential sector was the only monitored category to observe an increase in activity during November.

Commercial building firms saw a marginal decrease in activity, while civil engineering companies signalled a further sharp fall.

New orders placed with eurozone builders increased for the second consecutive month during November.

Moreover, the rate of growth, though modest, was the fastest since February.

Meanwhile, eurozone construction firms continued to increase staff numbers during November.

Firms have taken on more staff in each month since February 2017.

Furthermore, the rate of job creation quickened to the fastest in five months.

Of the 'bigthree' eurozone economies, the fastest rise in payroll numbers was seen in France.

On the price front, cost burdens faced by construction firms in the currency area continued to rise at a solid pace in November.

Nonetheless a quicker rate of inflation in Italy filed to offset slower increases in Germany and France, with the overall rate of inflation easing to the softest since October 2016.

Constructors in the eurozone purchased additional building materials midway through the fourth quarter of the year.

The result extended the current sequence of growth to just over three years.

However, the latest increase in input buying was slower than in October, reflecting weaker rises in Germany and France as well as a renewed fall in Italy.

Vendor performance faced by construction companies continued to deteriorate in November.

Moreover, supplier delivery times lengthened to the greatest extent since June.

This mainly reflected the trend in Germany.

Finally, firms remained optimistic of an increase in activity over the coming year, on balance.

Although the degree of positivity weakened from October to the lowest since September 2016.


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