The HCOB Italy Construction PMI edged down to 47.7 in January 2026 from 47.9 in December, signaling a third straight month of contraction and slightly faster declines in activity, new orders, and purchasing. Housing remained the weakest segment, posting a substantial drop and weighing most on the headline index, while commercial building slipped modestly and civil engineering was the only area to record a small uptick. Order books fell at one of the steepest rates in over a year as uncertainty dampened demand, prompting firms to scale back input buying. Despite softer workloads, employment growth accelerated to a seven-month high as companies favored permanent staff. Input cost inflation picked up due to higher raw material and energy prices, though overall pressures stayed below long-run averages. Business confidence weakened but remained marginally positive, with firms citing expected future projects even as uncertainty around the PNRR deadline tempered sentiment. source: S&P Global

Construction PMI in Italy decreased to 47.70 points in January from 47.90 points in December of 2025. Construction PMI in Italy averaged 49.35 points from 2013 until 2026, reaching an all time high of 68.50 points in February of 2022 and a record low of 4.80 points in April of 2020. This page provides - Italy Construction Pmi- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Construction PMI in Italy decreased to 47.70 points in January from 47.90 points in December of 2025. Construction PMI in Italy is expected to be 50.60 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Italy Construction PMI is projected to trend around 51.10 points in 2027 and 52.80 points in 2028, according to our econometric models.



Related Last Previous Unit Reference
Construction Output YoY 3.20 7.30 percent Nov 2025
Home Ownership Rate 75.90 75.20 percent Dec 2024
House Price Index YoY 3.80 3.90 percent Sep 2025
Housing Index 117.10 116.40 points Sep 2025
Price to Rent Ratio 103.32 102.94 Sep 2025
Residential Property Prices 3.81 3.93 Percent Sep 2025


Italy Construction PMI
Survey responses reflect the change, if any, in the current month compared to the previous month based on data collected mid-month. For each of the indicators the ‘Report' shows the percentage reporting each response, the net difference between the number of higher/better responses and lower/worse responses, and the ‘diffusion' index. This index is the sum of the positive responses plus a half of those responding ‘the same'. Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change. An index reading above 50 indicates an overall increase in that variable, below 50 an overall decrease. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
Italian Construction PMI Contracts Further in January
The HCOB Italy Construction PMI edged down to 47.7 in January 2026 from 47.9 in December, signaling a third straight month of contraction and slightly faster declines in activity, new orders, and purchasing. Housing remained the weakest segment, posting a substantial drop and weighing most on the headline index, while commercial building slipped modestly and civil engineering was the only area to record a small uptick. Order books fell at one of the steepest rates in over a year as uncertainty dampened demand, prompting firms to scale back input buying. Despite softer workloads, employment growth accelerated to a seven-month high as companies favored permanent staff. Input cost inflation picked up due to higher raw material and energy prices, though overall pressures stayed below long-run averages. Business confidence weakened but remained marginally positive, with firms citing expected future projects even as uncertainty around the PNRR deadline tempered sentiment.
2026-02-05
Italian Construction PMI Slips Deeper at Year-End
The HCOB Italy Construction PMI fell to 47.9 in December 2025 from 48.2 in November, showing construction activity continued to contract as the year ended. This also marked the lowest reading since August, with all three sub-sectors remaining in decline. Housing again posted the steepest drop, while commercial and civil engineering activity weakened more modestly. New orders contracted for a second consecutive month at one of the fastest rates of 2025, leading firms to trim purchasing activity. Employment rose slightly, extending the hiring streak at a subdued pace, though subcontractor use fell. Supplier delivery times lengthened amid raw material shortages, and input costs rose at the fastest rate since May due to higher energy and material prices, yet overall cost pressures remained below long-term averages. Business confidence improved modestly on expected new projects in 2026, but sentiment stayed historically muted amid fragile demand.
2026-01-07
Italian Construction PMI Returns to Contraction
The HCOB Italy Construction PMI fell to 48.2 in November 2025 from 50.7 in October, returning to contraction after just one month of growth. Weakness was broad-based across all segments, with housing activity recording its first decline in three months and the steepest in over a year, while commercial and civil engineering also fell modestly, reflecting a general loss of momentum. Additionally, new orders fell for the first time in three months, leading firms to slow hiring and curb purchasing. However, employment rose for the fifteenth consecutive month but only marginally. Vendor delivery times lengthened for the 14th straight month due to stock shortages and adverse weather, and input costs ticked higher amid rising prices for raw materials and energy, though overall cost pressures remained below typical annual levels. Business sentiment slipped to one of the lowest readings of 2025, as concerns over fragile demand and fading government incentives tempered recovery expectations.
2025-12-04