Euro-area Construction PMIs are in for June
Commenting on the latest results, Usamah Bhatti, Economist at S&P Global Market Intelligence, said: "Eurozone construction companies reported a sustained downturn in activity halfway through 2022. Construction activity fell at a solid pace that was the quickest for 16 months amid a steep deterioration in new orders.
Firms commonly attributed the weakness to higher prices and economic uncertainty, which held back new project tenders. Positively, there were tentative signs that price and supply pressures were continued to ease from earlier in the year, as delivery times lengthened to the least extent since January, albeit one that was still severe.
This somewhat curbed input price inflation for the second month running, with the rate of increase the slowest for five months. Yet, inflation remained elevated overall. Price and supply concerns continued to dampen the outlook for the year ahead, with firms signalling pessimism for the fourth consecutive month.
"By country, Germany saw the sharpest fall in overall activity, though the rate of decline softened from that seen in May, while French firms saw a renewed contraction that was the steepest since last August. Growth at Italian firms meanwhile softened to the weakest in the current 17-month sequence, heading closer to stagnation."
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