BLD Pulse — Tuesday, June 17, 2026

May housing starts 1.177M SAAR, down 15.4% m/m to a 6-year low US Census NRC
Multifamily starts 295K, off 40.2% m/m — steepest drop since April 2009 NAHB
Building permits 1.413M SAAR in May US Census NRC
US HRC spot near $1,115–1,125/ton after Nucor's June 15 hike to $1,125 Steel Market Update
Section 232 metals tariffs now 50% on full customs value (eff. June 8) White House
Data centers drove ~85% of all construction spending growth YTD Construction Dive
Dodge Momentum Index +33.8% y/y (+5.9% m/m) on commercial strength AGC Data DIGest
BLS inputs-to-construction PPI +0.25% m/m in May BLS PPI WPU132

Executive snapshot

Deteriorating Housing construction is weakening sharply: May starts fell 15.4% to a 6-year low, with multifamily collapsing 40.2% m/m — the steepest monthly drop since the GFC. NAHB
Cautious Single-family starts of 886K hit an 8-month low as high financing costs and soft demand bite. US Census NRC
Cautious Steel prices keep climbing on the spot market: Nucor lifted HR coil to $1,125/ton (June 15), with HRC up ~36% y/y to a 3-year high — even as the BLS steel PPI index ticked down 0.8% m/m. Steel Market Update
Deteriorating Section 232 tariffs intensified: as of June 8, steel/aluminum/copper articles face 50% on full customs value, lifting steel-intensive project costs an estimated 3%. White House
Positive Data centers remain the lone growth engine, driving ~85% of all construction spending growth YTD (+107% YTD for the category). Construction Dive
Positive Forward demand signals are firm: the Dodge Momentum Index rose 33.8% y/y and contractor backlog held near 8.8–10 months. AGC Data DIGest
Positive Phoenix industrial is tightening on the TSMC/Amkor megaproject wave — Q1 absorption near 4.8M SF (+200% YoY) with vacancy easing from its peak. AZ Big Media

Item	Change	Note
US HR coil (spot)	~$1,115–1,125/ton ▲	Nucor raised to $1,125 June 15; ~+36% y/y, 3-yr high Trading Economics HRC
Steel mill products PPI (WPU101704)	-0.78% m/m ▼	Index at 292.8 (May) — diverges from rising spot HRC BLS PPI WPU101704
Lumber & wood PPI (WPU081)	+0.29% m/m ▲	Index 281.0 (May), modest uptick BLS PPI WPU081
Cement PPI (WPU1331)	+0.10% m/m ▲	Index 409.5 (May), broadly flat BLS PPI WPU1331
Inputs to construction PPI (WPU132)	+0.25% m/m ▲	Index 474.9 (May); cost creep persists BLS PPI WPU132
Housing starts (SAAR)	-15.4% m/m ▼	1.177M in May, 6-year low US Census NRC

Sector	Outlook	Signal
Data centers	Positive	+107% YTD spending; ~85% of all construction growth Construction Dive
Industrial / logistics	Positive	Phoenix absorption +200% YoY; megaproject demand AZ Big Media
Public / infrastructure	Neutral	Dodge institutional component +3.1% m/m; backlog firm AGC Data DIGest
Multifamily	Deteriorating	Starts -40.2% m/m to 295K, steepest since 2009 NAHB
Single-family	Cautious	Starts 886K, 8-month low on weak demand US Census NRC
Office / commercial	Neutral	Dodge commercial +6.9% m/m, but space pushback rising AGC Data DIGest

Section 232 pass-through: 50% metals tariffs (full customs value) are embedding an estimated $15–25/SF into steel-intensive multifamily; watch bid-day GMP escalation clauses. Quotr.ai
Spot-vs-index steel divergence: rising HRC spot ($1,125/ton) against a softening BLS PPI index signals near-term fabricated-steel premiums not yet in official cost data. Steel Market Update
Data-center opposition: ~75 projects worth nearly $130B were blocked or delayed in Q1 — a structural risk to the sector carrying 85% of growth. Breitbart
Multifamily air pocket: a 40% monthly starts collapse points to a 2027–28 supply gap; land and entitlement teams should reassess pipeline timing. NAHB