📊 National Key Indicators — June 2026 Data
June 2026 Housing Starts
1.43M
▲ 19.0% MoM · ▲ 3.5% YoY
MF timing rebound; SF flat 3rd straight month
Single-Family Starts
895K
▼ 0.2% MoM · ▼ 3.2% YoY
3rd consecutive month near 895K–900K band
Multifamily Starts (5+)
513K
▲ 76.2% MoM (timing bounce from May)
May distorted at 284K; rebound, not acceleration
June 2026 Permits (SAAR)
1.37M
▼ 2.6% MoM · ▼ 2.3% YoY
SF: 872K — 10-month low · MF: 445K
June 2026 Construction Spend
$2.17T
▼ 0.1% MoM · ▼ 3.2% YoY
H1 total $1.047T · ▼3.5% vs H1 2025
Housing Completions
1.39M
▲ 3.3% MoM · ▲ 1.5% YoY
SF completions 964K · ▲6.6% MoM
Builder Sentiment (HMI)
40
Neutral = 50 · Latest Available
Subdued; tariff + rate + inventory headwinds
SF Permits MoM
▼2.2%
Jun 2026: 872K — 10-mo low (Aug 2025)
Unsold inventory + high rates = builder caution
Materials Cost YoY
+8–10%
Al +48.8% · Cu +26.8% · Steel +6.7%
CA CCCI +2% in single month (Jun); tariff pressure
MF Permits (Jun 2026)
445K
▼ 4.9% MoM · ▼ 5.7% YoY
2nd consecutive monthly decline in MF pipeline
Public Construction Spend
$544B
Record levels · Jun 2026
Highway $150.9B · Educational $113.1B · IIJA <50% deployed
ABC Construction Backlog
8.8 mo
▼ from 9.1 mo in May · Jun 2026
South leads: 10.3 mo · West: 7.6 mo
📈 Starts & Permits National Trends — June 2026
Housing Starts by Type — Apr–Jun 2026
Single-family vs. multifamily (5+) · SAAR, thousands · Jun is official Census release
Regional Permits Change (June 2026)
By U.S. Census region · Jun 2026 MoM % change and volume ÷10K (final revised)
🏗️ State-Level Building Permits — June 2026
Total Permits by State — Jun 2026 vs. May 2026
CAA core states · CA = SA (FRED Jun 2026); GA = 1-unit SAAR; CO = Denver Metro (Jun BPS); NV = LV new-home permits Jun
🧱 Builder Sentiment & Labor Market
NAHB Housing Market Index — Latest Available
By region (3-month average) · 50 = neutral threshold
40
National HMI · Latest
Neutral: 50
Construction Labor — State Highlights
YoY employment change by CAA state · 2026
-9.4%
Nevada Jobs YoY
~7,100 positions lost · steepest since 2009
Worst
CA Employment
Worst construction employment decline nationally
Data Ctr
GA/NV Growth Driver
Tech-industrial offsetting residential job losses
+8–10%
Materials Cost Hit
Al +48.8% · Cu +26.8% · tariff pressure
📌 Nevada construction employment down 9.35% YoY (7,100 jobs) — steepest since 2009. California construction employment contracting worst in the nation. Data center construction in GA/NV the primary offsetting force. ~1/3 of all U.S. construction workers are foreign-born — immigration enforcement remains a supply-side risk nationally.
🗺️ CAA State Snapshots — June 2026
🐻 California
Permits Jun 2026 (SA, FRED)~8,623 ▼ from ~8,928 May
Permits Jun 2026 (NSA)10,013 units · +2.7% YoY
MF Permits YTD (thru May)#1 nationally · +47.9% YoY
SF Starts Trend▼11% YoY (6-mo thru Feb '26)
SoCal Industrial Pipeline15.5M SF · ▼32.1% YoY
IE Industrial InvestmentSales +150% H1 2026
CA Construction Cost Index+2% in one month (Jun spike)
🍑 Georgia
GA 1-Unit Permits Jun 20263,878 SAAR (↑ from 3,347 May)
ATL Metro Q2 20269,636 permits · ▼11% YOY
Hall County (standout)897 permits · ▲16% YOY
Carroll County396 permits · ▲26% YOY
ATL Data Center Vacancy1% · essentially full · preleased
Data Center Announced $$34B+ in July announcements
Fulton County PolicyVoted to oppose DC tax breaks
🏔️ Colorado
Denver Metro Jun 2026 (BPS)820 units (590 SF · 165 MF)
Denver City Jul 1–19181 permits · ▲47.2% vs Jul '25
Denver Completions Jul14 · matching Jun · ▲2 vs Jul '25
Denver Commercial Pipeline5.6M SF · ▼from 10.7M SF peak
CWRC EffectiveJul 1, 2026 · WUI mandatory code
ACCO Fab Facility$36M · Monument · 135 jobs
Denver Apt VacancyMulti-yr high · rents ▼ ~4.8%
🎰 Nevada
LV New-Home Permits H14,156 · ▼25% YoY
LV New-Home Sales H14,284 net · ▼15% YoY
NV SF Permits Thru May▼28.5% YoY — worst nationally
NV MF Permits Thru May▼77.6% YoY — worst nationally
Data Centers Statewide60+ active · 30+ in LV Valley
GOED Abatements (Aug)$17.6M · 9 cos · $153M+ capex
Henderson PolicyDC moratorium rejected · dev agreements required
🏢 Office-to-Apartment Conversion Pipeline
Conversion Units by City — CAA Markets
Active conversion pipelines — plan-review workload driver in urban cores
Office-to-apartment conversions remain active nationally. Change-of-use permits are more complex than standard residential — expect elevated plan-review demand in urban cores. Atlanta office absorption turning positive signals possible slowdown in conversion pipeline.
Construction Spending Snapshot — June 2026
MoM change by category · Total SAAR $2,166.5B (▼3.2% YoY)
⚠️ Market Risk Factors
Nevada Residential Collapse · Georgia Data Center Policy Bifurcation · Colorado WUI Code Live · CA Cost Spike — August 2026
Nevada: SF permits ▼28.5% YoY (worst nationally) · MF permits ▼77.6% YoY (worst nationally) · Construction employment ▼9.4% YoY (7,100 jobs, steepest since 2009) ·
Georgia: $34B+ in data center projects announced in July alone · Atlanta data center vacancy 1% · Fulton County voted to oppose tax breaks — policy bifurcation accelerating ·
Colorado: CWRC effective July 1 — WUI code now mandatory statewide, adding plan-review complexity across all WUI jurisdictions ·
California: CCCI +2% in one month (June) · construction employment worst decline nationally · H1 construction spending ▼3.5% nationally vs. 2025 ·
SF permits national 10-month low (872K SAAR) · Private nonresidential: 7th consecutive monthly decline · Manufacturing construction ▼22% YoY
🏛️ CAA Business Implications
| Theme | Data Point | Impact Level | CAA Implication |
|---|---|---|---|
| Georgia data center mega-boom | 3 DRI filings in one day Jul 22; $34B+ in projects; 1% Atlanta vacancy; OpenAI $20B, Stillwater $13B, Google $1B | High | Municipal clients near projects face complex, large-scale permit and inspection workloads; Georgia is highest-activity state for large-project permits |
| Fulton County data center backlash | Unanimous vote against tax incentives; $3.8B assessed value in Fulton (5x YoY); $2.5B state foregone taxes | High | Policy bifurcation coming in Georgia — outer counties (Effingham, Clayton, Troup) pro-development; metro jurisdictions tightening; CAA clients need to track where review authority sits |
| Nevada residential deep slump | SF permits ▼28.5% YoY (worst nationally); MF permits ▼77.6% YoY (worst nationally); construction employment ▼9.4% YoY | High | Clark/Washoe residential permit volumes sharply depressed; data center and tech-industrial offsetting with fewer but more complex permits per project |
| Henderson data center regulation | Moratorium rejected Jul 22; individual development agreements required going forward; no current applications pending | Medium | Clark County municipal clients should develop data center review frameworks now — Henderson policy will influence neighbor cities; framework being drafted now shapes next wave |
| Colorado CWRC effective July 1 | Statewide mandatory WUI wildfire code; Class A roofing, ember-resistant venting, 100-ft clearance for commercial/MF in WUI zones | High | All CO municipal clients in WUI areas face immediate plan-review complexity and heightened code interpretation demands; reroofs replacing 25%+ must comply immediately |
| California MF permit leadership | #1 nationally in MF permits YTD (+47.9% YoY thru May); SF starts ▼11% YoY; SB 79 transit-oriented housing preemption | Positive | Urban/suburban CA permit mix shifting heavily toward multifamily; plan-check and inspection load shifting accordingly; SB 79 preemption adds complexity for city zoning staff |
| National SF permits 10-month low | 872K SAAR in June; down 2.2% MoM; South permits ▼7.1%, West ▼4.3% — CAA's two weakest regions | Medium | Broad single-family residential slowdown across CAA's primary geographies; public infrastructure (IIJA, record public spending at $544B) partially offsetting for municipal owner-clients |
| Materials cost acceleration | CA CCCI +2% in one month; aluminum +48.8% YoY; copper +26.8% YoY; construction input prices +8% YoY nationally | Medium | Municipal infrastructure project budgets at elevated risk of mid-project cost overruns in 2026–27; CAA clients may see construction stop-starts and rebid cycles increasing review complexity |