Aggregates

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Aggregates

FLASH

FLASH: Aggregates May 13, 2026

April Aggregates PPI -- Pricing Holds Steady

●April Aggregates PPI Data. This morning, the U.S. Bureau of Labor Statistics

(BLS) released its April Producer Price Index (PPI) data for construction sand,

gravel, and crushed stone. This PPI tracks average changes in selling prices

received by domestic aggregates producers and the April data point increased Ivan Yi

iyi@wolferesearch.com

5.6% y/y vs. +5.7% and +5.2% the prior 2 months. (646) 845-0724

●Stabilization from the Bottom. The Aggregates PPI decelerated throughout

Scott Group

2H:25 and bottomed in February 2026 at +5.2%, the lowest PPI increase in sgroup@wolferesearch.com

over 4 years. But pricing re-accelerated 50bp in March and held fairly stable in (646) 845-0721

View Scott’s Research April. Aggregates pricing also remains above the historical long-term average

of closer to 4%.

●Strong Correlation Between PPI and Aggregates Pricing. In Exhibit 3 we

compare the aggregates PPI data to y/y quarterly aggregates price/ton from

MLM and VMC. The correlation is very strong at well over 80% for MLM and

VMC. Furthermore, KNF, MLM, and VMC all still expect mid-single digit organic

aggregate pricing increases in 2026, and the PPI data supports this guidance.

●What Does This Mean for Reported Aggregates Pricing? While underlying

pricing trends remain solid, there are some mix changes impacting reported

pricing metrics right now as aggregates pricing for VMC (+3.5%) outpaced MLM

(-0.3%) and KNF (+0.8%) in 1Q. Looking ahead, we expect aggregates pricing

for VMC to re-accelerate in 2Q as comps become easier. MLM pricing should

remain muted because of negative mix from the Quikrete asset exchange,

but we still expect full year reported pricing in line with guidance of +2.5%.