Americas Construction: Building Products

Latest edition · September 24, 2026

Americas Construction Building Products Non Residential Construction Moderation in Data Centers Weighs on Planning While B...

August non-residential construction indicators showed mixed sequential improvement, as commercial architecture billings rose to 50.4 and contractor backlogs increased to 8.5 months despite moderation in data center planning. Goldman Sachs maintains positive views on Armstrong World Industries and Carlisle Companies due to specific vertical outperformance and re-roof demand.

Goldman Sachs' review of August non-residential construction macro indicators highlights sequential momentum in architecture billings (ABI rose to 47.2, with commercial at 50.4) and contractor backlogs (up 6% sequentially to 8.5 months), even as the Dodge Momentum Index paused (-0.4% sequentially to 282.0) due to slower data center planning. Despite 20+ months of ABI billings contraction driven by financing costs and labor constraints, institutional planning jumped 4.9% sequentially and office employment held at 34.4 million. The analysts favor Armstrong World Industries (~95% non-res exposure) and Carlisle Companies (~80% non-res exposure) given their alignment with healthcare, education, and re-roofing activity.

Key takeaways from the latest edition

• 1.The Dodge Momentum Index remained flat sequentially in August at 282.0 (down 0.4%) due to data center planning moderation, though institutional planning grew 4.9% sequentially and overall index planning is up 4.2% YoY.
• 2.The Architecture Billings Index (ABI) improved to 47.2 in August from 46.6, driven by commercial rising above 50 (to 50.4), though overall billings have contracted for over 20 consecutive months amid elevated borrowing costs.
• 3.Contractor backlogs expanded by 6% sequentially to 8.5 months, supported by western and midwestern markets, while the Construction Confidence Index for sales rose to 62.0 with 58% anticipating sales growth over the next 6 months.

What this series covers

• Growth in Key Verticals Excl. Data Centers Continues While Billings Grow
• Key Macro Factors
• Architecture Billings Index
• Dodge Momentum Index
• Associated Builders and Contractors (ABC) Indices
• Office Employment
• Industry-Specific Indicators
• Office Utilization Moderates Sequentially But Grows YOY

Edition archive

• Americas Construction Building Products Non Residential Construction Moderation in Data Centers Weighs on Planning While B...

  September 24, 2026

• Americas Construction Building Products AHRI — July Read Throughs

  September 11, 2026

• Americas Construction Building Products Bedding Labor Day 2026 Pricing Update

  September 10, 2026