Architecture Billings Index: ABI +2.7 MoM to 47.3, Below 50 for the 39th Consecutive Month

Research evidence excerpt

Architecture Billings Index: ABI +2.7 MoM to 47.3, Below 50 for the 39th Consecutive Month

Homebuilders & Building Products

July 22, 2026

Architecture Billings Index: ABI +2.7 MoM to 47.3, Below Exhibit 1 - ABI Starting

50 for the 39th Consecutive Month February 2021

54The Wolfe Byte 52

50The June ABI Index increased +2.7 points sequentially to 47.3 but remains in 48

46contractionary territory after posting its 39th consecutive month below 50. To 44

download our ABI dataset, please click here. 4240

Source: Wolfe Research, AIA

The AIA (American Institute of Architects) released its June Index this morning. The

June Billings Index increased +2.7 points sequentially to 47.3. Billings remained in Exhibit 2 - ABI Summary

contractionary territory for the 39th consecutive month, one of the longest running

downturns in the 30+ year history of the dataset, with consistent declines since Architecture Billings

IndexMarch 2023. June's print is slightly above the 47.2 T6M average but slightly below

June 2026 47.3the 47.5 T3M average. We believe the release provides negative read-throughs to our

May 2026 44.5

Building Products coverage with elevated exposure to Non-Residential end markets MoM Chg +2.7

given activity continues weakening sequentially. Vs 50 -2.7

The AIA released its updated Non-Res forecast for 2026 and 2027 with the

release. Overall, Consensus estimates for 2026 performance declined while 2027

expectations increase, on easier comps. Growth rates vary significantly with Data

Centers spend expected to grow 33% in 2026 and 25% in 2027 while manufacturing

Trevor Allinson, CFA

is expected to decline -12% in 2026 and -1% in 2027. For 2027, Data Centers tallinson@wolferesearch.com