German construction orders climb by 4.5 pct in April
BERLIN, June 25
BERLIN, June 25 (Reuters) - German construction orders rose for a sixth consecutive month in April, data showed on Wednesday, suggesting the building industry in Europe's largest economy had a solid start to the second quarter.
Construction contracts increased by 4.5 percent on the year, data from the Federal Statistics Office showed. That was weaker than the 5.6 percent increase registered in March.
In the first four months of the year, orders rose by 5.7 percent on a price-adjusted basis compared with the same period a year earlier, the Office said.
Turnover in the construction industry rose by 20.1 percent on the year between January and April to 16.7 billion euros.
German construction industry body HDB expects sales to increase by 4.5 percent this year, driven by residential construction.
The sector is benefitting from low interest rates, Germany's stable job market and rising incomes, which are encouraging citizens to buy their own homes while investors are also continuing to look to property in the absence of alternative investment options. (Reporting by Michelle Martin; Editing by Noah Barkin)
- Study of smoking cancer patients fuels e-cigarette debate
- Islamic State closes in on Syrian town, refugees flood into Turkey |
- Exclusive: Iran seeks give and take on Islamic State militants, nuclear program
- Alibaba IPO ranks as world's biggest after additional shares sold
- Accused White House intruder is decorated Iraq war veteran