FX.co ★ German Construction Slump Deepens as HCOB PMI Falls to 43.5 in September

Germany’s construction sector saw a sharper downturn in September 2026, with the HCOB Germany Construction Purchasing Managers’ Index (PMI) dropping to 43.5 from 48.7 in August.

The latest reading, updated on 6 October 2026, moves the index further below the 50.0 threshold that separates expansion from contraction, underscoring mounting pressure on the country’s building activity. The decline from August’s 48.7 suggests that weakness in construction is intensifying as the sector continues to struggle with adverse conditions.

With the September figure firmly in contraction territory, the data point to a deepening slowdown in Germany’s construction industry, highlighting ongoing challenges for one of the key components of the broader economy.