FX.co ★ German Construction Downturn Deepens as HCOB PMI Slips Further in February

Germany’s construction sector saw a further deterioration in activity in February, with the HCOB Germany Construction PMI edging down to 43.7, from 44.7 in January 2026. The latest reading, released on 5 March 2026, signals a deeper contraction in the industry, as any figure below 50 indicates declining conditions.

The February decline suggests that the sector’s weakness is becoming more entrenched, following an already subdued start to the year in January. While detailed breakdowns are not provided, the continued sub-50 readings underline persistent headwinds for builders and developers, with implications for broader economic momentum in Germany as construction remains under pressure.