German Construction Sector Expands At Record Pace In March

4/06/2011

(RTTNews) - German construction sector expanded at a record pace in March, led by a strong rise in commercial activity. The purchasing managers' index (PMI) for the sector climbed to 61.8 from 60.7 in February, Markit Economics said Wednesday. The indicator climbed at the fastest pace since the survey began in September 1999.
A reading above 50 suggests expansion of the sector. The index has now posted above the 50.0 no-change mark for three months in a row.
The acceleration in overall output growth was driven by a survey record expansion of commercial activity. Volumes of new work received increased for the third month running in March, representing the longest period of continuous expansion since the second quarter of 2006.
The robust new orders growth led to a further sharp rise in staffing levels. The rate of employment growth was the second-fastest since January 2007. Input price inflation in the construction sector accelerated for the fourth month running, due to higher costs for raw materials and energy.