Eurozone construction activity continues to fall in November

According to the report from IHS Markit, work undertaken on housing by eurozone construction firms decreased further in November. The decline marked the ninth consecutive monthly fall in activity, although the pace of contraction eased from that seen in October, and was only marginal overall (сonstruction PMI rose to 45.6 in November from 44.9 in October). A faster rise in German home building activity was offset by a further steep decline in France, while the fall in Italy was only marginal. Meanwhile, commercial construction was the worst performing of the monitored sub-sectors in the latest survey period. The pace of the contraction accelerated and was the fastest for six months. The downturn in eurozone civil engineering activity continued in November, the sixteenth fall in as many months, as infrastructure building contracted sharply.

New business received by eurozone construction companies continued to fall in November. Moreover, the pace of the reduction accelerated and was the fastest since May.

Employment levels among eurozone constructors contracted further in the latest survey period. That said, the pace of job shedding eased and was marginal overall.

Eurozone construction companies remained pessimistic regarding the outlook for activity over the coming year. November data signalled a further fall in buying activity among eurozone construction companies. The rate of contraction eased from October, but remained solid overall