FX.co ★ Eurozone Construction Slump Deepens as HCOB PMI Falls Further in April

The euro area’s construction sector contracted at a faster pace in April, with the HCOB Eurozone Construction Purchasing Managers’ Index (PMI) dropping to 41.7 from 44.6 in March 2026. The latest reading, updated on 7 May 2026, underscores a worsening downturn on a month‑over‑month basis, as activity moved further below the 50-point threshold that separates growth from contraction.

The decline in April follows an already weak March, when the index stood at 44.6, signalling that the sector had been shrinking compared with February. April’s lower figure points to an intensification of the slowdown across the eurozone construction industry, reflecting weaker conditions than in the previous month.

With both March and April readings well under 50, the data indicate that construction has been a persistent drag on the euro area’s broader economic momentum in early 2026, as firms face a challenging environment from one month to the next.