Germany February construction PMI 41.0 vs 46.6 prior
Latest data released by Markit - 4 March 2021
Poor weather conditions added to lockdown woes for the German construction sector as even housing activity fell markedly, ending a run of seven months of growth. Meanwhile, work on commercial projects contracted at its quickest pace since last September.
- Prior 46.6
Markit notes that:
"Severe bad weather caused widespread disruption to work on building sites in February, with the impact seen across all areas of construction activity monitored by the survey.
"Bad weather is transitory, but constructors are expecting the effects of the pandemic on client budgets and spending to be more long-lasting. While constructors' expectations for the year-ahead outlook are the least pessimistic during pandemic so far, with demand in the housing sector seen as a positive going forward, many remained concerned about a potential lack of tender opportunities, particularly around local infrastructure projects.
"Like in manufacturing, supply chain pressures have continued to increase across the construction sector and are among the most intense on record, with high demand for materials, logistical issues and other delays related to COVID all contributing to longer lead times in February. The strain on supply chains has created further problems by way of a sharp rise in the costs for building materials and products, with the rate of purchase price inflation now at its highest for more than three years."