--- source: S&P Global Market Intelligence / Hamburg Commercial Bank url: https://www.pmi.spglobal.com/public document_type: pdf date_retrieved: 2026-03-17 period: February 2026 release_date: 2026-03-05T08:30:00Z parent_publication: Monthly PMI Bulletin indicators_covered: [HCOB Construction PMI, Italy Construction PMI] survey_period: February 10-27, 2026 methodology: HCOB Construction PMI compiled from surveys of 200+ Italian construction firms --- # S&P Global Monthly PMI Bulletin: March 2026 ## HCOB Construction PMI — Italy, February 2026 ### Overview Italy's HCOB (Hamburg Commercial Bank) Construction PMI rose to **50.4 in February 2026**, up from 47.7 in January, marking a return to expansion after three months of contraction (November 2025: 48.2, December 2025: 47.9, October 2025: 50.7). **Significance:** A PMI reading above 50 signals expansion in construction activity; below 50 indicates contraction. The February figure represents the first growth in total activity and new business since October 2025. --- ## Key Findings ### Sectoral Activity **Residential Construction:** Fastest pace in over a year, though rate of increase remained marginal **Commercial Construction:** 11-month high with modest growth **Civil Engineering:** Remained in contraction, reversing January's expansion ### New Orders and Demand - New orders increased for the first time in four months - Pace of increase was the strongest since mid-2025 - Improved order books drove the overall expansion signal - New building sites activity improved ### Employment - Employment grew for the 18th consecutive month - Rate of increase softened compared to prior months - Reflects continued job creation despite subdued business sentiment ### Input and Pricing Pressures - Input purchases rose slightly after three months of decline - Input cost inflation accelerated for a fifth consecutive month - Cost increases reached a **three-year high** - Primary drivers: rising raw material prices and increasing subcontractor rates ### Business Sentiment - 12-month confidence improved slightly - Outlook remained **subdued historically**, reflecting cautious business optimism despite activity recovery - Limited expectation for strong growth ahead --- ## Global Context The February 2026 PMI readings were captured ahead of the outbreak of war in the Middle East, providing a snapshot of the global economy entering that period on "strong footing" with: - Acceleration of worldwide economic growth (fastest since May 2024) - Robust service sector growth - Marked improvement in manufacturing (production growth at strongest since December 2021) - Largest monthly influx of new business since May 2023 - Global price growth at highest since May 2025 --- ## Commentary Per Hamburg Commercial Bank analyst Jonas Feldhusen: The demand upswing driven by improved order books prompted increased input buying. However, firms had not yet increased usage of subcontractors despite rising subcontractor rates, suggesting capacity constraints remain limited and price pressures are driven primarily by input costs rather than bottleneck-driven wage competition. --- ## Historical Data Context | Month | PMI Reading | Status | |-------|-------------|--------| | June 2022 | 50.4 | Expansion (comparable level) | | October 2025 | 50.7 | Expansion | | November 2025 | 48.2 | Contraction | | December 2025 | 47.9 | Contraction | | January 2026 | 47.7 | Contraction | | **February 2026** | **50.4** | **Expansion** | --- ## Survey Details **Coverage:** 200+ Italian construction firms **Survey Period:** February 10-27, 2026 **Release Date:** March 5, 2026 at 08:30 UTC **Compilation:** HCOB (Hamburg Commercial Bank) in association with S&P Global **Data Frequency:** Monthly --- ## PMI Component Breakdown The PMI indicator tracks: - **Total Activity** — growth in total construction sector output - **New Orders** — strength of demand for construction work - **Employment** — hiring/job creation - **Input Purchases** — demand for materials and supplies - **Input Costs** — inflation in construction materials and labor - **Future Expectations** — 12-month business outlook --- ## Methodology Note The PMI (Purchasing Managers' Index) is compiled from surveys of construction firms and reflects the change in the current month compared to the previous month based on data collected mid-month. For each indicator, the Report shows: - The percentage of respondents reporting each response (higher, same, lower) - The net difference between higher/better responses and lower/worse responses - The "diffusion" index — the sum of positive responses plus half of those responding "the same" A PMI reading above 50 indicates an overall increase in that variable; below 50 indicates an overall decrease. --- ## Revisions and Additional Data This release represents only a limited sample of PMI headline data. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. **Contact:** economics@spglobal.com --- ## Next Release The Italy Construction PMI for March 2026 data is scheduled for release on April 8, 2026 at 07:30 UTC (09:30 CEST). --- ## Source Document **Original Publication:** S&P Global Market Intelligence **Monthly PMI Bulletin: March 2026** **Published:** March 2026 **Document Type:** PDF (9 pages) **URL:** https://cdn.ihsmarkit.com/www/pdf/0326/PMI_monthly_bulletin_2603.pdf This bulletin provides S&P Global's analysis of worldwide economic activity based on PMI surveys from over 40 economies and approximately 30,000 companies globally. --- ## Footnotes - Intellectual property rights owned by or licensed to S&P Global. Use subject to subscription terms. - Purchasing Managers' Index™ and PMI® are registered trademarks of S&P Global. - This report was published by S&P Global Market Intelligence, not S&P Global Ratings.