The Eurozone construction sector recorded its best monthly growth since the start of the pandemic.
Source: IHS Markit.
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The latest Eurozone construction purchasing managers’ index rose 51.2 points in October, from September’s 50.0 mark. The 50 mark separates growth from decline.
IHS Markit stated that October posted modest growth in construction activity. The increase was first recorded in June and the sharpest since the start of the Covid-19 pandemic.
Usamah Bhatti, Economist at IHS Markit, stated that delays in sourcing and obtaining raw materials led to price pressures among Eurozone construction firms.
Expansion in construction activity was largely linked to stronger demand and increasing workloads.
Housebuilding remained the strongest sector in the Eurozone, even though there was a bounce-back in commercial construction in the survey period.
Among the Euro area’s largest economies, the German construction PMI increased to 47.7 from 47.1 but remained in the negative region. While in France, the PMI increased to 50.3 points from 48.9 points.