BERLIN (dpa-AFX) - Germany's construction activity contracted at the slowest pace in nearly two-and-a-half years in July, survey data from S&P Global showed on Wednesday.
The HCOB construction Purchasing Managers' Index rose to 46.3 in July from 44.8 in the previous month. A reading below 50.0 indicates contraction.
The latest score suggested that the construction sector shrank at the slowest rate since February 2023.
Housing activity continued to be the main drag on overall construction sector. The rate of decline in work on residential building projects remained sharp but it eased to the weakest in three months.
Meanwhile, commercial activity showed a moderate rate of growth, thereby ending a sequence of contraction stretching back to April 2022. After posting the strongest growth for more than three years in June, the civil engineering sector registered a renewed fall in July.
'Germany's construction sector continues to show signs of recovery, but the sector is not out of the woods yet,' Hamburg Commercial Bank Economist Norman Liebke said.
'The sector remains in deep recession, especially when viewed in comparison with the trends in manufacturing and services,' Liebke added.
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