Building Materials: Key Lead Indicators

Research evidence excerpt

Building Materials: Key Lead Indicators

Deutsche Bank

Research

Europe Industry Date

North America 10 June 2026

Building Materials

Building & Construction Industry Update

Key Lead Indicators

Jon Bell

Welcome to our latest Lead Indicators document. We flag the following:

Research Analyst

+44-20-754-58575

n Construction PMI (May data released last week) remains subdued across

much of Europe. In Germany, a reading of 42 was flat m/m (despite latest Dheeraj Singh

building permits up yoy); France (40) showed marginal improvement m/m, Research Associate

but remains very weak (despite rising housing starts); Italy rebounded from

45 to 49; the UK, the weakest of all, declined to 38 (total architectural Isabella Baxter

workload turned negative too). At 50, the print in Ireland remains resilient. Research Analyst

+44-20-754-11737 n The backdrop in the US remains mixed. Non-resi sentiment continues to

point to expansion, though there was a notable softening in May. Home

builder sentiment rose from weak levels.

n Worth flagging the strong growth of Polish building permits (up 41% yoy in

April). Although Australian building approvals also showed strong growth

in April, three rate rises since February could temper enthusiasm going

forward.

The latest edition of our Global Construction chart book (600 charts, 11 countries,

1 PDF) is available - please contact jon.bell@db.com for a copy by email.

Subject to our hurdles (p4), Green - positive/growth; Amber - neutral; Red - negative/contraction

Up/(down) arrows indicate an improving/(deteriorating) trend from the previous month

US - non residential sentiment Germany - construction PMI Poland - building permits  = 

US - residential sentiment Germany - building permits UK - construction PMI   