June building permits slip

June building permits were at a seasonally adjusted annual rate of 1,367,000, -3% below the revised May rate of 1,410,000 and -2.3% below the June 2025 rate of 1,399,000. According to the most recent U.S. Census Bureau housing data, single-family authorizations in June were at a rate of 871,000, -2.4% below the revised May figure of 892,000.

AIA Architects’ billings remain sluggish

The AIA/Deltek Architecture Billings Index (ABI) score was 47.3 points for June. Although the score improved by nearly three points from May, it remained in negative territory, indicating most firms reported a decline in billings. Inquiries increased in June after a slight decline in May and the value of newly signed design contracts was just below 50 points, meaning it was essentially flat, with nearly equal shares of firms reporting decreases and increases.

“Architecture firms remain mired in one of the longest running downturns in the 30-plus year history of the ABI, which now stretches to 41 months without a majority of firms reporting billings growth,” said AIA Chief Economist, Richard Branch in the press release. “The uncertainty over the conflict in Iran along with high interest rates and significant labor shortages will continue to weigh on construction — and architect billings over the next several months.”

Conference Board’s U.S. leading indicators see small decline in June.

 The Conference Board Leading Economic Index (LEI) for the U.S. declined by -0.2% in June 2026 to 99.1 (2016=100), following a +0.1% increase in May. However, the LEI is down by only -0.3% over the first half of 2026, a much smaller rate of decline than its -1.1% contraction over the second half of 2025.

“In June, the Leading Economic Index (LEI) for the US declined and partially reversed gains registered in May and April,” said Justyna Zabinska-La Monica, senior manager, Business Cycle Indicators, at The Conference Board, in the press release. “Despite the recent decline, the LEI’s six- and twelve-month growth rates, while negative, were stable. Consumer spending is weakening, but strong business investment related to AI is expected to support economic activity while inflation continues to improve. The Conference Board raised its forecast from 1.8% to 1.9% y/y GDP growth for 2026.”