First Read: Industrials "ABI declined in April; inflation concerns cited" Fisher

Research evidence excerpt

First Read: Industrials "ABI declined in April; inflation concerns cited" Fisher

Global Research

20 May 2026ab

First Read

EquitiesIndustrials

ABI declined in April; inflation concerns cited Americas

Construction

Steven Fisher, CFA

Architecture Billings Index declined to 48.3 in April, down from 49.8 in March Analyst

The American Institute of Architects’ ABI declined to 48.3, down from 49.8 in March (a steven.fisher@ubs.com

score above/below 50 indicates an increase/decline in demand for design services; 50 is +1-212-713 8634

neutral). Inquiries increased to 57.7 from 56.8 in March, and design contracts increased Avinatan Jaroslawicz

to 48.0 from 47.8 in March. The scores for Commercial/industrial and Institutional both Analyst

weakened sequentially (48.9 vs 52.5 and 51.1 vs 52.6), while Multi-family residential avinatan.jaroslawicz@ubs.com

ticked up slightly (51.5 vs 50.9), and the Mixed category improved but remains the +1-212-713 1405

biggest drag (42.5 vs 40.7). All regions were negative, with the West at 49.0, followed Judah Aronovitz

by Midwest (48.0), South (47.7), and Northeast (47.2). The regional and sector Associate Analyst

categories are calculated as three-month moving averages and may not always average judah.aronovitz@ubs.com

out to the national score. +1-212-713-4881

Julian Radlinger, CFA

Higher energy prices drive up costs Analyst

julian.radlinger@ubs.com

The AIA’s Chief Economist, Kermit Baker, noted that: "April's economic picture was

+44-20-7901 6558

mixed as employers continued to add jobs, but inflation accelerated as higher energy

prices tied to the conflict in Iran drove up costs. While a proposed gas tax holiday could Rory McKenzie

offer some short-term relief, energy prices are unlikely to ease meaningfully until the Analyst