?The architects, being the front end of the construction project pipeline are a bit of a leading indicator for quite a few areas of activity. This news does not bode well for the rest of the business, inputs like steel copper and concrete, etc.
FLM; and PKB are construction ETF's that are broader in scope that the homebuilder ETF (XHB). SLC is a steel ETF with a focus on the iron miners while JJC is a copper futures ETN. I don't know if the SEC has approved GlobalX's cement ETF yet.
From Calculated Risk:
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment.
From AIA: Substantial Drop in Architecture Billings Index
Following the first negative reading in five months, the Architecture Billings Index (ABI) has had a significant drop in May. As a leadingeconomic indicator of construction activity, the ABI reflects the approximate nine to twelve month lag time between architecture billings and construction spending. The American Institute of Architects (AIA) reported the May ABI score was 45.8, following a mark of 48.4 in April. This score reflects a sharp decrease in demand for design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 54.0, down slightly from mark of 54.4 the previous month....MORE
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