FX.co ★ Italy’s Construction Activity Dips Again as HCOB PMI Edges Down in January

Italy’s construction sector remained in contraction territory at the start of 2026, as the HCOB Italy Construction Purchasing Managers’ Index (PMI) slipped to 47.7 in January from 47.9 in December 2025.

The latest reading, updated on 05 February 2026, shows a modest month-over-month weakening in activity, with the index staying below the 50.0 threshold that separates expansion from contraction. In December 2025, the PMI had already indicated a decline at 47.9, and January’s marginal downtick to 47.7 suggests that underlying pressures in the sector persisted into the new year.

On a month-over-month comparison basis, the data signal that the contraction in Italy’s construction industry slightly deepened in January relative to December, pointing to continued caution among firms and potentially subdued investment dynamics in the sector.