FX.co ★ France’s Construction Downturn Eases Slightly as HCOB PMI Edges Up in February

France’s construction sector showed a marginal improvement in February, as the HCOB France Construction Purchasing Managers’ Index (PMI) inched up to 43.9 from 43.5 in January 2026, on a month‑over‑month basis. The latest reading, updated on 5 March 2026, indicates that while activity in the sector remains firmly in contraction territory, the pace of decline has eased slightly.

The February uptick suggests that the downturn seen at the start of the year may be stabilising, though the index remains well below the 50-point threshold that separates growth from contraction. The month‑over‑month comparison highlights a modest improvement from January’s performance, when the indicator had slipped to 43.5, signalling a sharper contraction than in the preceding month.

Market participants will now be watching upcoming data closely to see whether February’s reading marks the beginning of a gradual recovery in France’s construction activity or merely a pause in a broader weakening trend.