US Construction Indicators Remain Mixed

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US Construction Indicators Remain Mixed

EUROPE | Building, Construction &

Housebuilders EquityJulyResearch17, 2026

Exhibit 8 - USA end market exposure as % ofUS Construction Indicators Remain Mixed

sales for European stocks

The ABC index in July showed a surprising uptick in construction confidence 80%70%

60%

50%in sales in the US, with construction backlogs broadly stable. And while resi 40%

builder confidence in July ebbed slightly MoM & build permits weakened, 30%20%

10%

0%starts were +19% MoM (a rebound in multi-family, with single family flat

YoY). On the pricing front, roofing shingles in June saw the largest move Amrize CRH Buzzi Sika Heidelberg Saint-Gobain KingspanMoM (+3.6%), but the most robust YoY pricing remains for aggregates & US Resi US Infra US Commercial US Industrial

Source: Company data, Jefferiesconcrete. .

Exhibit 1 - Construction Confidence Index (>50 positive, <50 negative)

Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26

Sales Profit Margins Staffing Levels

.

Source: ABC, Jefferies

Exhibit 2 - Construction Backlog Indicator by Industry (months)

Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26

. Total Commercial & Institutional Heavy Industrial Infrastructure

Exhibit 3 - Builder confidence index for newly built single-family homes

Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26

Source: NAHB, Jefferies

Exhibit 4 - US Building Permits (thousands, SAAR)

1,550 10%

1,500 5%