Building Products - ABI Falls in April; Still In Contraction Territory

Research evidence excerpt

Building Products - ABI Falls in April; Still In Contraction Territory

Truist Securities

Equity Research Report May 20, 2026

INDUSTRIALS: Building Products/

Durable Goods Building Products - ABI Falls in April; Still

In Contraction Territory

The Architectural Billings Index moved lower to 48.3 in April, following two consecutive Keith Hughes raises in February and March, with the March reading the highest since October 2024,

404-926-5032

Keith.Hughes@truist.com where the index briefly climbed into expansion territory. Results among regions were

mostly negative other than a notable increase in the Northeast. Sector readings saw

Multi-Family Residential and Mixed Use up. Note that Multi-Family Residential and Mia Senyitko Institutional are in expansionary territory. Project inquiries increased to the highest 404-439-7395

Mia.Senyitko@truist.com levels seen since February 2024.

4 Page Document The American Institute of Architects' (AIA) Architecture Billings Index (ABI) is a measure

of future activity in construction areas outside single-family home construction. It

works on an index, with readings above 50 indicating expansion and below indicating

Reasons for this report contraction. It is normally a read for activity 9 to 12 months away. Note that it does not

track heavy industrial work well.

✓ Quick Reaction to Newsflow/Volatility

✓ Industry Data Relevant to Our Coverage Billings Index Moves Lower in April. The April ABI saw a reading of 48.3, down

from the March result of 49.8. This follows February's reading that saw substantial m/

m growth. Project inquiries moved higher to 57.7 from 56.8, which is the highest level

seen since February 2024.

Sector Results Mixed; Multi-Family & Institutional Stay in Expansion Territory.