2026.03.0508:42:25UTC+00Italian Construction PMI Returns to Growth in February

The HCOB Italy Construction PMI climbed to 50.4 in February 2026 from 47.7 in January, indicating a return to growth in construction activity after three consecutive months of contraction. Although output growth was modest, it represented the first expansion since October, driven by stronger order books and the start-up of new building projects.

Both residential and commercial construction rebounded from previous declines. Housing activity grew at its fastest rate in more than a year, while commercial construction hit an 11‑month high. In contrast, civil engineering activity continued to contract.

New orders increased for the first time in four months and at the strongest rate since mid‑2025. Employment also continued to rise, extending a year-and-a-half period of sustained job creation.

On the cost side, input price inflation accelerated for the fifth consecutive month to its highest level in more than three years, largely reflecting higher raw material costs. Looking ahead, firms’ expectations for the next 12 months improved slightly but remained weak by historical standards.