Eurozone construction output rose 1.8%, but still down 4.5% YOY
Don't get too excited over construction output increasing in Europe. As you can see below, it is still in a freefall. If anything, I would say that it will be getting worse before it gets better. Via Eurostat:
In the construction sector, seasonally adjusted production rose by 1.8% in the euro area (EA17) and by 1.0% in the EU27 in January 2011, compared with the previous month. In December 20103, production fell by 2.0% and 3.5% respectively.
Compared with January 2010, output in January 2011 dropped by 4.5% in the euro area and by 1.2% in the EU27.