German construction industry picks up pace in February

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Germany’s construction industry benefited from a broader uptick in the eurozone economy last month, picking up pace after a soft start to the year.

A survey of German builders reported its second highest level of new business growth since 1999, according to IHS Markit’s monthly measure which expanded to hit 54.1 last month from 52. Any reading above 50 indicates growth.

The German economy has picked up steam in the last few months, helping it record its best annual growth since 2010 last year. Markit’s separate measures for the manufacturing and service sectors have also reported higher activity at the start of the year.

Markit’s purchasing manager’s survey measures output, expectations and employment across the private sector and closely tracks official GDP numbers.

“The acceleration in growth reflected faster expansions in all three monitored areas of construction, with civil engineering posting one of the sharpest increases in activity in the survey history”, said Trevor Balchin at IHS Markit.

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