FX.co ★ France’s Construction Slump Deepens as HCOB PMI Falls to 38.4 in March

France’s construction sector deteriorated further in March 2026, with the HCOB France Construction Purchasing Managers’ Index (PMI) dropping to 38.4 from 43.9 in February, according to data updated on 8 April 2026.

On a month-over-month basis, the latest reading signals a sharper contraction compared with the previous month, when February’s PMI of 43.9 already pointed to a decline versus January. A PMI level below 50 indicates a contraction in activity, and the move deeper into sub-40 territory underscores mounting pressure on France’s construction industry.

The March data suggest that the sector’s downturn is intensifying rather than stabilizing, with activity weakening more rapidly than earlier in the year. The comparison framework shows that while February was already worse than January, March marked an even steeper deterioration in construction conditions across the country.