As expected, Construction PPI inputs inflation continues to creep up as the year goes on. Earlier this year Inputs to Nonres Bldgs Q1 avg growth was 3.6%. Q2 growth is 4.3%. Thru April, PPI was +3.5% compared to Dec’25. It’s now up 8.6%. Metals are up 12% to 20%. Diesel Fuel since Dec is up 100%.

Final Demand PPI (as built final cost) has not yet caught up to the increases in inputs. I’d expect it to follow at least within 3 to 6 months.