HCOB意大利建筑业采购经理人指数从3月份的52.4降至2025年4月的50.1，表明在上个月强劲复苏后，活动几乎停滞不前。经济放缓的原因是新订单和采购活动的边际增长，而供应链的限制继续推迟了材料的交付。商业建筑是唯一的亮点，连续第二个月上涨，而住宅和土木工程行业都出现了收缩，土木工程行业出现了八个月来的最大跌幅。尽管整体停滞，但在新项目开工和产能需求增加的推动下，就业率以2025年迄今为止最快的速度增长。大多数新员工都是定期合同。与此同时，由于最近的商业胜利，建筑公司的信心略有回升，但在持续的经济和地缘政治担忧下，其信心仍处于历史低位。对欧洲央行进一步降息的预期被视为对未来行业增长的潜在支持。

The HCOB Italy Construction PMI fell to 50.1 in April 2025 from 52.4 in March, signaling near-stagnant activity after the previous month’s strong recovery. The slowdown was driven by marginal growth in both new orders and purchasing activity, while supply chain constraints continued to delay material deliveries. Commercial construction was the only bright spot, rising for a second straight month, whereas both residential and civil engineering sectors contracted, with civil engineering recording the sharpest drop in eight months. Despite the overall stagnation, employment rose at the fastest pace of 2025 so far, driven by new project starts and increased capacity needs. Most new hires were on fixed-term contracts. Meanwhile, confidence among construction firms ticked up slightly due to recent business wins, but remained historically subdued amid persistent economic and geopolitical concerns. Expectations for further ECB rate cuts are seen as a potential support for future sector growth.