HCOB意大利建筑业采购经理人指数从8月份的一年低点47.7升至2025年9月的49.8，标志着三个月来活动的温和下降，并暗示该行业正在接近稳定。在客户兴趣增强和公开招标获胜的支持下，新订单三个月来首次增加，而住房活动恢复温和增长。此外，就业和采购活动均略有上升，延续了长达一年的招聘记录，尽管公司对分包商的使用仍持谨慎态度。在价格方面，成本压力明显缓解，投入价格通胀降至五年多来的最低水平，为建筑商提供了一些缓解。然而，由于税收奖金的不确定性，商业信心降至13个月低点。次行业趋势喜忧参半，土木工程下降幅度最大，商业建筑收缩速度较慢，这表明最近经济衰退最糟糕的时期可能正在缓解。
The HCOB Italy Construction PMI rose to 49.8 in September 2025 from August’s one-year low of 47.7, signaling the mildest decline in activity in three months and hinting that the sector is moving closer to stabilization. New orders increased for the first time in three months, supported by stronger customer interest and public tender wins, while housing activity returned to modest growth. Also, employment and purchasing activity both rose slightly, extending a year-long hiring streak, though firms remained cautious about subcontractor use. On prices, cost pressures eased markedly, with input price inflation falling to its lowest level in over five years, offering some relief to builders. However, business confidence weakened to a 13-month low amid uncertainty over tax bonuses. Sub-sector trends were mixed, with civil engineering seeing the steepest decline and commercial construction contracting at a softer pace, suggesting the worst of the recent downturn may be easing.
