Construction New Orders in Germany

Measures the volume of new orders received by Germany's main construction industry, stripped of inflation. Being orders rather than work done, it leads activity: what is contracted today gets built in the following months.

Volume index, base 2021 = 100, covering local units with 20 or more persons employed, calendar and seasonally adjusted with the X13 method.

It anticipates construction investment and sector employment. In Germany it matters further because residential building is one of the channels through which ECB policy reaches the real economy.

Very erratic month to month: a single large civil engineering contract moves the index, so one print says little and it should be read as a multi-month average. It is also revised as late-reporting firms come in.