First Read Industrials ABI improved in June but remains in negative territory

Research evidence excerpt

First Read Industrials ABI improved in June but remains in negative territory

Global Research

23 July 2026ab

First Read

EquitiesIndustrials

ABI improved in June but remains in negative Americas

territory Construction

Steven Fisher, CFA

Analyst

steven.fisher@ubs.com

Architecture Billings Index increased to 47.3 in June, up from 44.5 in May +1-212-713 8634

The American Institute of Architects’ ABI increased to 47.3, up from 44.5 in May (a score Avinatan Jaroslawicz

above/below 50 indicates an increase/decline in demand for design services; 50 is Analyst

neutral). Inquiries inflected positively to 56.1 from 49.4 in May, and design contracts avinatan.jaroslawicz@ubs.com

improved to 49.8 from 45.0 in May. All sectors were negative, with Institutional at 47.4, +1-212-713 1405

Commercial/industrial at 46.7, Multi-family residential at 45.6, and Mixed at 42.7. All Judah Aronovitz

regions were negative as well, with the South at 49.5, followed by West at 45.6, Associate Analyst

Midwest at 45.1, and Northeast at 44.9. The regional and sector categories are judah.aronovitz@ubs.com

calculated as three-month moving averages and may not always average out to the +1-212-713-4881

national score. Julian Radlinger, CFA

High interest rates, labor shortages, and the Middle East conflict weigh on julian.radlinger@ubs.com

construction activity +44-20-7901 6558

The AIA’s Chief Economist, Kermit Baker, noted that: "Architecture firms remain mired Rory McKenzie

in one of the longest running downturns in the 30-plus year history of the ABI, which Analyst

now stretches to 41 months without a majority of firms reporting billings growth. The rory.mckenzie@ubs.com

uncertainty over the conflict in Iran along with high interest rates and significant labor +44-20-7568 1977