BLD Pulse — Wednesday, July 29, 2026

Steel mill products PPI: 312.218 (June 2026) — +5.46% m/m. BLS PPI WPU101704
Inputs to construction industries PPI: 478.415 (June 2026) — +0.60% m/m. BLS PPI WPU132
Construction materials PPI: 357.833 (June 2026) — +0.11% m/m. BLS PPI WPU1322
Lumber & wood products PPI: 280.114 (June 2026) — -0.36% m/m. BLS PPI WPU081
Cement PPI: 409.042 (June 2026) — +0.00% m/m. BLS PPI WPU1331
Building permits (SAAR): 1,367,000. US Census NRC
Housing starts (SAAR): 1,427,000; single-family starts: 871,000. US Census NRC
Turner Building Cost Index (Q2 2026): 1552 (+1.44% q/q; +5.15% y/y). Turner

Executive snapshot

Cautious Cost inflation remains sticky: June PPIs show inputs-to-construction still rising (+0.60% m/m) with steel up sharply (+5.46% m/m). BLS PPI WPU132
Neutral Housing is holding: permits (1,367,000 SAAR) and starts (1,427,000 SAAR) keep baseline labor demand supported. US Census NRC
Deteriorating Design pipeline still weak: AIA/Deltek ABI stayed below 50 in June (47.3), signaling continued contraction for architectural billings. AIA
Cautious Nonresidential cost benchmark: Turner’s Q2 Building Cost Index rose 1.44% q/q (5.15% y/y) — bid-day volatility is back in select scopes. Turner
Cautious Metals check (directional): copper ~6.33 USD/lb; aluminum ~3,148.6 USD/tonne (Jul 28). Trading Economics
Neutral Spotlight today: Atlanta (leasing/power watch) + Drywall & Interior Finishes (interiors cost deep-dive). BLD Pulse
Neutral Near-term play: prioritize early buy packages where lead times + pricing are re-accelerating (steel-heavy scopes, switchgear/transformers, and TI interiors). Turner

Item	Change	Note
Steel mill products PPI	+5.46% m/m ▲	Steel inputs re-accelerated; watch structural + rebar exposure in GMP updates. BLS PPI WPU101704
Inputs to construction industries PPI	+0.60% m/m ▲	Broad input costs still rising; keep escalation language tight on long-duration work. BLS PPI WPU132
Construction materials PPI	+0.11% m/m ▲	Overall materials index is slightly higher m/m; volatility remains scope-specific. BLS PPI WPU1322
Lumber & wood products PPI	-0.36% m/m ▼	Wood products slightly lower m/m; framing packages may be less volatile near-term. BLS PPI WPU081
Copper (spot, Jul 28)	6.33 USD/lb (directional) ▲	Electrical and MEP alternates remain important; validate takeoffs and allowances. Trading Economics
Turner Building Cost Index	+1.44% q/q ▲	Benchmarked nonresidential costs moved higher; expect more bid dispersion. Turner

Sector	Outlook	Signal
Data centers	Cautious	High-growth sector activity persists; power + long-lead electrical gear are still gating items. Turner
Industrial / logistics	Neutral	Supported by manufacturing/reshoring, but underwriting is increasingly rent-growth sensitive. Turner
Public / infrastructure	Positive	Backlogs remain strong; procurement cadence + labor availability are the constraint. Turner
Multifamily	Cautious	Multifamily-specialist backlogs fell from 6.2 to 5.3 months (June ABI note), keeping new starts selective. AIA
Single-family	Neutral	Single-family starts are 871,000 SAAR; affordability keeps incentives in play. US Census NRC
Office / TI	Cautious	ABI remains sub-50; TI-heavy scopes face finish-trade labor sensitivity (drywall/finishes spotlight). AIA

Drywall & interior finishes: track gypsum/coatings inputs + crew availability as TI work competes with healthcare/education interiors. BLS PPI WPU132
Atlanta: power availability and large-load interconnection timelines are increasingly dictating DC feasibility and delivery schedules. Turner
Steel-heavy scopes: June steel PPI spike is a reminder to re-quote structural packages before GMP lock. BLS PPI WPU101704
Design momentum: watch whether ABI can re-cross 50; sustained sub-50 typically precedes pricing pressure in GC pursuit funnels. AIA