The penultimate month of 2025 signalled a further contraction in eurozone construction activity, according to the latest HCOB PMI survey data. Whilst still sharp overall, the rate of decline eased on the month and was softer than the average seen over the current period of decline (since May 2022). The slower moderation in activity was accompanied by the least pronounced reduction in new order intakes since April. That said, muted production requirements continually fed through to firms' hiring decisions and purchasing activity. Moreover, firms were increasingly pessimistic about future activity. The HCOB Eurozone Construction PMI Total Activity Index ' a seasonally adjusted index tracking monthly changes in total industry activity ' posted 45.4 in November, rising from 44.0 in October. The latest figure signalled that activity continued to fall sharply despite the rate of contraction softening, and the index has now registered below the neutral 50.0 threshold in each of the last 43 months. The three largest eurozone economies all recorded declines in construction output during November

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