Construction: cash flow and recruitment remain under scrutiny as the new academic year begins.

After hitting a low point in May, business confidence continues its recovery. The optimism indicator reached 69 points in August 2026, an increase of seven points since June and a level close to that observed in January.

This improvement, however, does not reflect a widespread return of confidence. While business leaders have a less negative view of the current situation, they remain cautious regarding their investments, staffing levels, and the evolution of the economy.

A rebound linked to a less negative perception of the present

In August, 30% of the executives surveyed considered the situation to be "very good at the moment," five points higher than in June. At the same time, the proportion of those who felt the situation was better previously fell by seven points, to 48%.

The outlook, however, remains stable: only 20% of respondents believe the situation will be better tomorrow. The improvement in morale therefore relies more on a better assessment of the present than on a positive expectation of the coming months.

Construction executives have a more positive outlook than average. In this sector, 41% consider the current situation satisfactory, compared to 30% for the sample as a whole. A quarter anticipate future improvement, while 32% believe the situation was better previously.

Business leaders have more faith in their companies than in the economy.

Nearly two out of three business leaders, or 64%, say they are confident about the future of their company over the next twelve months. This proportion has increased by one point since June.

Confidence in the French economy remains significantly lower, at 15%, despite a three-point increase. It reaches 16% for the global economy, up two points.

The size of the company strongly influences the responses. Confidence in the future of one's own structure increases from 58% among companies with one or two employees to 80% for those employing at least 50 people.

In the construction sector, only 16% are ready to invest

Caution is the prevailing sentiment in business decisions this fall. Across all sectors, 19% of executives say they are ready to immediately launch new projects or investments. More than half, 53%, prefer to consolidate existing operations, while 13% are postponing initially planned activities.

In the construction sector, 16% of business leaders say they are ready to launch new projects. 53% are prioritizing the consolidation of their business, 15% are giving themselves more time to decide, and 14% are postponing certain investments.

The smallest businesses appear to be the most hesitant. Among companies with one or two employees, 62% primarily want to consolidate their existing operations. Conversely, 34% of companies with at least 50 employees say they are ready to launch new projects.

Cash flow and recruitment are of particular concern to the construction industry.

Across all sectors, margins and costs, as well as commercial activity, are the top concerns, each cited by 19% of respondents. Cash flow follows with 17%.

However, priorities differ in the building and public works sectors. Among construction leaders:

• 21% cite margins and costs as their main concern;
• 20% prioritize cash flow;
• 12% mention recruitment difficulties;
• 11% mention commercial activity;
• 9% cite the upcoming election deadlines;
• 8% are concerned about regulations.

These results distinguish construction from industry and commerce, where commercial activity occupies a more prominent place in the concerns expressed.

Inflation continues to weaken businesses

Rising costs remain a major factor in executive decisions. Overall, 84% report monitoring their expenses more closely than usual, two points higher than in June.

More than half of respondents, 56%, believe that inflation could threaten the viability of their business. This proportion has increased by four percentage points. Furthermore, 34% are experiencing difficulties in obtaining timely payments from their clients, and 12% report having difficulty paying their own invoices.

Hiring intentions remain limited. Maintaining staffing levels is the priority for 77% of managers. Only 12% plan to increase the number of employees, while 11% plan to reduce it.

The demographic shock is exacerbating fears of a labor shortage.

Population aging and the expected contraction of the working-age population represent another challenge for businesses. Across the entire sample, 76% of executives anticipate at least one consequence of the demographic shock over the next ten years, and 58% foresee at least one negative effect.

Recruitment difficulties are the top risk identified, with 37% of responses, followed by rising labor costs at 23%, transmission difficulties at 22% and the need to adapt working methods at 21%.

In the construction sector, 69% of managers anticipate at least one impact, and 63% fear a negative consequence. Recruitment difficulties are cited by 44% of respondents in the sector, while 31% foresee an increase in labor costs.

Despite this growing awareness, few construction companies have adapted their strategies. In the building sector, 17% report having already taken steps to adapt, and 11% are considering doing so. Conversely, 71% are not currently planning any changes.

Health and safety at work are at the forefront of training needs in the construction industry.

Three-quarters of managers identify at least one environmental topic on which they would like to be trained or have their employees trained.

In the construction sector, this proportion reaches 77%. Occupational health and safety are the focus of expectations for 42% of sector leaders, ahead of waste management and recycling, cited by 20%.

Other needs include air and climate for 14% of respondents in the construction industry, energy and water for 13%, soil pollution for 9% and natural risks for 8%.

A consultation conducted with 1.023 executives

The 117th wave of the Great Consultation of Entrepreneurs was carried out by OpinionWay for CCI France and La Tribune with 1.023 business leaders with at least one employee.

The telephone interviews took place from July 20 to 30, 2026. The representativeness of the sample was ensured by weighting according to industry sector and company size, after stratification by region of operation. OpinionWay indicates that it applied the procedures of the ISO 20252 standard.