Latest data released by Markit - 4 December 2020
- Prior 45.2
The downturn in construction activity continues but at a slower pace at least, but the bright side is that constructors are the least pessimistic on the industry outlook since the start of the pandemic. Markit notes that:
"After back-to-back contractions in the second and third quarters, German construction activity still looks to be stuck in a downturn as we approach the end of the year, according to these latest PMI results. The construction sector's performance continues to be undermined by a general softness in demand for building work caused by the pandemic, though some encouragement can be gleaned from the fact the decline in new orders did at least show signs of easing in November.
"It's notable that, unlike their counterparts in manufacturing and services, German construction companies are still downbeat about activity next year. The survey's anecdotal evidence suggests that building firms are particularly gloomy about the outlook for commercial activity owing to the structural changes to office working, for example, that have been accelerated by COVID-19. That said, constructors' expectations have recovered some ground from a near-record low back in the spring and are now higher than at any point since the pandemic began."
