EU HCOB Construction PMI (Dec) 47.4 vs. Exp. 46.9 (Prev. 45.4)

• "While civil engineering activity surged in Germany, it declined in France and Italy, leaving the Eurozone with a slight dip in the overall civil engineering index. This divergence is likely to shape 2026 as well: Germany has plenty of funds for infrastructure projects, while France and Italy remain in austerity mode."
• "For the Eurozone as a whole,  though, there is little reason to expect a construction jobs boom, given that France and Italy are sticking to budget discipline and  long-term interest rates are likely to stay high.”

The December HCOB Construction PMI for the Eurozone came in at 47.4, beating expectations slightly at 46.9, with the previous reading at 45.4. Despite Germany's surge in civil engineering, weaknesses in France and Italy suggest that any growth in construction jobs across the Eurozone remains constrained, signaling ongoing challenges related to budget disciplines and elevated interest rates.