BLD Pulse
- BLS PPI: steel mill products June 2026=312.218 (+5.46% m/m). BLS PPI WPU101704
- BLS PPI: lumber & wood June 2026=280.114 (-0.36% m/m). BLS PPI WPU081
- BLS PPI: cement June 2026=409.042 (+0.00% m/m). BLS PPI WPU1331
- Construction materials (PPI special index) June 2026=357.833 (+0.11% m/m). BLS PPI WPU1322
- Inputs to construction (PPI) June 2026=478.415 (+0.60% m/m). BLS PPI WPU132
- Census: building permits 1,367,000 SAAR; housing starts 1,427,000 SAAR; single-family starts 871,000 SAAR. US Census NRC
- EIA weekly U.S. on-highway diesel retail price: $4.796/gal (week of 07/13/2026). EIA
- TradingEconomics (directional): copper 6.35 USd/lb (Jul 23, 2026); aluminum $3,191.55/tonne (Jul 23, 2026). Trading Economics
Executive snapshot
- Neutral Cost inflation is still present but increasingly **trade-specific**: steel PPIs jumped in June while lumber stayed soft and cement was flat. BLS PPI WPU101704
- Cautious Spotlight trade: **Roofing & Envelope** is the near-term risk pocket (membrane/insulation + metal inputs). Separate allowances so you can reprice only what moves. JLL
- Neutral Housing activity is holding in the mid-1.3–1.4M SAAR range; single-family starts remain the bigger swing factor for labor and subcontractor availability. US Census NRC
- Cautious Design is still a headwind: ABI stayed below 50 in June (47.3) even with a small rebound, pressuring the **nonres pipeline** into late-2026. AIA
- Cautious Data-center power is the schedule risk: utilities are tightening queues and requiring binding commitments; expect **interconnection + gear** to be the critical path. DataCenterKnowledge
- Neutral Policy watch: the White House outlined a Section 232 aluminum onshoring incentive with an import allowance at **half the Section 232 rate** for approved projects. White House
- Positive Metro spotlight: **Columbus (CMH)** office market posted 21.4% vacancy in Q2 2026 with limited new supply (64k SF pipeline) and record asking rent ($23.15/SF). CBRE
Market movers
| Item | Change | Note |
|---|---|---|
| Steel PPI (BLS) | +5.46% m/m ▲ | June 2026 index rose to 312.218. BLS PPI WPU101704 |
| Inputs to construction (BLS PPI) | +0.60% m/m ▲ | June 2026 inputs index moved to 478.415. BLS PPI WPU132 |
| Lumber & wood PPI (BLS) | -0.36% m/m ▼ | June 2026 lumber index at 280.114. BLS PPI WPU081 |
| Diesel (EIA retail) | $4.796/gal ▲ | Most recent weekly U.S. diesel retail price (week of 07/13/2026). EIA |
| Copper (directional spot) | 6.35 USd/lb ▲ | Directional spot level as of Jul 23, 2026 (CFD benchmark). Trading Economics |
| Aluminum (directional spot) | $3,191.55/t ▲ | Directional spot level as of Jul 23, 2026 (CFD benchmark). Trading Economics |
Sector outlooks
| Sector | Outlook | Signal |
|---|---|---|
| Data centers / power-adjacent industrial | Cautious | Grid + interconnection tightening; queue discipline rising DataCenterKnowledge |
| Industrial / logistics | Neutral | Healthy demand pockets persist; capacity tighter where DC work competes JLL |
| Public / infrastructure | Neutral | Pipeline steady, but electrical gear + specialty trades constrain schedules JLL |
| Multifamily | Cautious | Rates + supply keep starts selective; ABI sector index still weak AIA |
| Single-family | Neutral | Single-family starts still elevated enough to absorb labor US Census NRC |
| Commercial / office | Cautious | Design activity remains in contraction; backlogs down AIA |
Strategic watchlist
- Lead indicator: watch if the ABI climbs back toward 50 — earliest signal that **2027 nonres starts** could re-accelerate. AIA
- Roofing/envelope buys: unbundle **membrane/insulation** and **metal panel** inputs; avoid fixed-lump-sum quotes beyond 30–45 days. JLL
- Power: require interconnection milestone schedules (utility agreements, transformer lead time, switchgear FAT) in DC/industrial RFPs. DataCenterKnowledge
- Policy: track Section 232 changes on aluminum and derivatives; include alternates where spec allows. White House
Top questions leaders should be asking
- Which active pursuits are most exposed to roofing/envelope volatility (membrane + insulation + metal panels)?
- Do we have a power/interconnection critical-path schedule for every data-center-adjacent job?
- Where can we repackage buys (alternates, unit-price allowances) to reduce bid-day index risk?
- What would confirm the nonres pipeline is turning (ABI, backlogs, design contracts) — and what’s our trigger?
- For Columbus/secondary DC metros, what is our land + power thesis (utility territory, queue rules, incentives)?
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