ADSK, PCOR and BSY: May Non-Resi Construction Spend Starting to Show Signs of Modest Growth Acceleration, but Macro Threats Remain on the Monitor as ABI Declines

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ADSK, PCOR and BSY: May Non-Resi Construction Spend Starting to Show Signs of Modest Growth Acceleration, but Macro Threats Remain on the Monitor as ABI Declines

Alexei Gogolev AC North America Equity Research

(1-212) 622-9391 01 July 2026 J P M O R G A N

alexei.gogolev@jpmorgan.com

• PCOR, BSY, and ADSK earnings commentary. During its 1Q26 earnings call, PCOR

said the construction environment has been “pretty stable” over the last couple of

quarters, with customer interest strongest in pockets like data centers / AI-factory related

builds, while broader conditions remain challenging. During its 1Q26 earnings call, BSY

pointed to sustained global infrastructure demand, with stable U.S. public funding

supporting transportation/grid/water projects and robust private investment (including

resources and AI-related data centers/power), while China remained a headwind. Lastly,

during its Q1 FY27 earnings call, ADSK said underlying business momentum remained

consistent with prior quarters and modestly better than internal assumptions, with

strength coming from similar industry segments in AECO—particularly construction

and emerging markets—while maintaining the assumption that the macro environment

will remain broadly stable through the year.

• ABI reading remains below 50. US Census Bureau data points are more of a backward-

looking indicator when compared with the Architecture Billings Index (ABI), which

normally envisages a 9- to 12-month lag between architecture billings and construction

spending. The May ABI decreased MoM to 44.5 (vs. 48.3 in April and 49.8 in March).

A reading below 50 indicates a decrease in billings (May being the 19th consecutive month

of a reading below 50). The AIA’s Chief Economist reported that current economic