The eurozone construction industry returned to growth for the first time since the start of the pandemic in March, according to a survey that adds to signs that the economic recovery from coronavirus lockdowns is underway.
The construction purchasing managers’ index (PMI) from IHS Markit jumped from 45 points in February to 50.1 in March – just above the 50 mark that indicates the sector is growing.
New orders received by eurozone construction firms returned to growth in for the first time in 13 months in March, IHS Markit said.
Usamah Bhatti, an economist at IHS Markit, said:
Eurozone construction companies reported fractional growth in March, marking for the first increase since the pandemic disrupted activity across the bloc throughout 2020.
Incoming business also expanded in the latest survey period, as the appetite for new construction projects in the eurozone began to return, reportedly in public sector work.