EZ construction activity declines at fastest pace in 3 months - PMI
By Frank Prenesti
Date: Thursday 05 Feb 2026
(Sharecast News) - Construction activity in the eurozone fell at its fastest pace in three months amid a steep fall in new orders, a survey published on Thursday revealed.
The HCOB construction total activity index fell to 45.3 in January from 47.4 in December, indicating a sharp and stronger contraction across the sector.
French companies saw the sharpest drop in new order intakes, while the downturn in Germany strengthened. Italian companies also recorded the strongest decline in new orders in five months.
"The construction sector in the eurozone remains in poor shape. Activity fell even more sharply at the beginning of the year than in the previous month," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
"Residential construction has been particularly hard hit, but commercial construction is also experiencing a sharper decline. The only ray of hope is civil engineering, which is recording moderate growth for the first time in four months."
"Construction costs rose even more sharply in January than at the end of last year. We attribute this to the sharp rise in natural gas and oil prices in January, and electricity costs also rose on the stock market."
"Weather-related effects and geopolitical concerns surrounding the Iran-US conflict are playing a role here. In addition, it should be noted that some industrial metals, such as copper, are trading at higher prices."
Reporting by Frank Prenesti for Sharecast.com
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