Building permits show little change in May

May building permits were at a seasonally adjusted annual rate of 1,413,000, -0.7% below the revised April rate of 1,423,000 and -0.2% below the May 2025 rate of 1,416,000. Single-family authorizations in May were at a rate of 886,000, +0.6% above the revised April figure of 881,000.

AIA billings flat in April

Architecture firm billings declined modestly in April as broader economic instability continued. The AIA/Deltek Architecture Billings Index (ABI) fell from 49.8 points in March, when billings were essentially flat, to 48.3 points in April, signaling that more firms reported declining billings than rising billings. National architecture firm billings have remained below the 50-point growth threshold since Jan. 2023.
By specialization, institutional and multi-family residential firms posted modest growth in April — an encouraging signal that new projects may be emerging. Inquiries into new projects increased for the third consecutive month in April, and the value of new design contracts remained close to returning to growth.
“April’s economic picture was mixed as employers continued to add jobs, but inflation accelerated as higher energy prices tied to the conflict in Iran drove up costs,” said AIA Chief Economist Richard Branch in the press release.

Conference Board's U.S. leading indicators show a pinch of progress

The Conference Board Leading Economic Index (LEI) for the U.S. increased slightly by +0.1% in May 2026 to 99.3  points (2016=100), following a+ 0.2% increase in April. After these two consecutive increases, the LEI is down just -0.3% over the six months between Nov. 2025 and May 2026, a much smaller rate of decline than its -1.3% contraction over the previous six months (May to November 2025).
“The Leading Index for the U.S. increased slightly in May, fueled entirely by positive contributions from financial components, especially stock prices and the interest rate spread,” said Justyna Zabinska-La Monica, senior manager, Business Cycle Indicators, at The Conference Board. “Despite two consecutive monthly increases, the LEI’s six- and twelve-month growth rates were still negative, suggesting slower economic expansion ahead.”