European Construction: Industry Chartbook

Research evidence excerpt

European Construction: Industry Chartbook

Equity Research

European Construction, Building Materials & Infrastructure

13 May 2026

European Construction

Industry Chartbook

Sentiment in Europe clearly hit; lead indicators (permits)

unaffected yet. Confidence drop in Germany most visible this

month (resi mainly). DCs likely the only bright spot across European& InfrastructureConstruction, Building Materials

Europe and the US currently (caution on US resi maintained). NEUTRAL

European Construction, BuildingRaw mats inflation starting to show in some data.

Materials & Infrastructure

Pierre Rousseau

Europe: sentiment hit. April Construction PMIs softened significantly across Europe, with +33 (0)1 4458 3377

Germany and the UK particularly affected sequentially (-6pts). By end-market, the decline is pierre.rousseau@barclays.com

relatively broad spread; residential would be slightly more affected. The most significant drops BBI, Paris

MoM concern German resi and non-resi, UK non-resi and infra; France shows limited change on Tom Zhang, CFA

a more depressed base. German Infra remains the only green spot (April PMI at 50.1 only). +44 (0)20 3555 1395

Beyond confidence, permit data remain promising so far (resi best positioned across France and tom.zhang1@barclays.com

Germany, but non-resi inflecting positively). Inflation pressure: slight relief MoM for energy but Barclays, UK

clearly up YoY and inflation in oil-derivatives (PP, MDI) – construction price expectations are on Vijay Phani Sekhar Naraharisetty

the rise again. For our last update on how covered companies executed vs. inflation and price/ +91 (0)22 6175 2384

cost in recent years, please see here. vijayphanisekhar.naraharisetty@barclays.com

Barclays, UK

US: status quo for residential; limited momentum outside of DCs.