Contraction in eurozone construction sector eases in February
By Michele Maatouk
Date: Monday 06 Mar 2023
(Sharecast News) - The downturn in the eurozone construction sector eased a little in February, according to a survey released on Monday.
The S&P Global construction total activity index for the bloc rose to 47.6 from 46.1 in January, but remained below the 50.0 mark that separates contraction from expansion for the tenth month in a row.
The improvement was down to softer declines in both residential and civil engineering activity, as commercial construction projects decreased at a fractionally quicker pace.
Annabel Fiddes, economics associate director at S&P Global Market Intelligence, said: "The latest PMI data showed that the eurozone construction sector moved closer to stabilisation in February, with firms signalling the softest reduction in overall activity for nine months. This was underpinned by weaker falls in construction output across Germany and Italy, which offset a more marked decline in France.
"The downturn in new business also continued to ease, though sales still dropped considerably overall, which contributed to a sustained fall in purchasing activity."
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