Industrials – ABI Falls to 44.5 in May as Weak Demand Persists Amid Higher Energy Costs and Rising Uncertainty

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Industrials – ABI Falls to 44.5 in May as Weak Demand Persists Amid Higher Energy Costs and Rising Uncertainty

Truist Securities

Equity Research Report June 24, 2026

INDUSTRIALS: Industrials

Industrials – ABI Falls to 44.5 in May

as Weak Demand Persists Amid Higher Jamie Cook, CFA

212-303-4116 Energy Costs and Rising Uncertainty Jamie.Cook@truist.com

AIA released its monthly Architecture Billings Index for May 2026.

Kevin Wilson, CFA

212-590-0996

Kevin.S.Wilson@truist.com Architecture Billings Index: The American Institute of Architects’ (AIA) Architecture

Billings Index was 44.5 in May (vs. 48.3 in April), marking continued contraction and

extending the streak of sub-50 readings to 41 months in the past 44 months. The Stephen Farkouh ABI index declined to its lowest level since January weighed down by higher energy 212-401-4459

Stephen.Farkouh@truist.com costs and uncertainty generated by the Iran conflict. Business conditions remained soft

across all regions, with the West and Midwest declining from the prior month and the

South remaining closest to growth, consistent with the pattern seen for most of the 3 Page Document year. Across sectors, residential, commercial/industrial, and institutional all experienced

declining billings, while the mixed sector showed some improvement. The Inquiries

Reasons for this report Index fell below 50 to 49.4 in May, compared with 57.7 in April, marking its first sub 50 reading in four months. The Design Contracts Index decreased to 45.0 from 48.0 in

✓ Quick Reaction to Newsflow/Volatility April, extending its streak to 27 consecutive months of contraction. The AIA noted that

the softer demand reflects a challenging economic backdrop, including higher interest ✓ Sector Data Update