The Construction Economist — September 12, 2026

Cement comes off the tariff list after 24 days · Nonresidential planning goes flat · 200,000 work permits lapse · Steel shipments slip from June · A narrower WOTUS rule

Top News

The U.S. bans some Canadian imports and reshuffles the 50% tariff list, taking cement off it The White House · ~4 min read

President Trump signed five proclamations on Sept. 8 under Section 338 of the Tariff Act of 1930, banning certain Canadian alcohol, dairy and motor-vehicle goods from the U.S. market and changing which products fall under the 50% tariffs imposed on roughly $20 billion of Canadian imports in July. Cement, rock salt and certain hospital paper products come off the tariff list on Sept. 15, while all-terrain vehicles, some cheeses, motorboats, furniture, paper and some steel and aluminum goods go on; the import bans take effect Sept. 29. Canada's retaliatory tariffs on about $20 billion of U.S. exports, including steel, appliances, agricultural equipment and pulp and paper, took effect the same day.

What it means: Section 338 is the fast lane — it moves a product onto or off a 50% tariff by proclamation in days, and it applies whether or not the good qualifies under the U.S.-Mexico-Canada Agreement (USMCA). Cement sat on that list for 24 days, and road salt comes off it just as winter buying starts, while the Section 232 metals tariffs that actually set steel prices have not moved since April. So the exposure here is the churn, not the rate: price Canadian-sourced material against the list as of the delivery date rather than the bid date, and mark Nov. 10, when the suspended China reciprocal tariff lapses.

Dodge Momentum Index Flat in August Dodge Construction Network · ~2 min read

The Dodge Momentum Index ticked down 0.4% in August to 282.0 (2000=100) from a downwardly revised July reading of 283.0, Dodge Construction Network reported Sept. 8. Commercial planning declined 3.0% over the month while institutional planning grew 4.9%. Dodge characterized the month as broad strength in nonresidential planning with a pause in data centers.

TPS Set to Expire Today for El Salvadoran Workers Living in the U.S. NAHB Now · ~2 min read

The Trump administration set Sept. 9 as the expiration date for Temporary Protected Status for El Salvador, affecting roughly 200,000 Salvadoran TPS holders in the United States. The National Association of Home Builders said the change further strains the construction industry's labor shortage.

Project Finance & Economics

Mortgage Applications Decline for Sixth Straight Month in August NAHB Eye on Housing · ~2 min read

The Mortgage Bankers Association's Market Composite Index, a measure of total mortgage application volume, declined 3.2% month over month in August on a seasonally adjusted basis. It was the sixth consecutive monthly decline. NAHB attributed the drop to elevated U.S. Treasury yields pushing mortgage rates higher.

AI Growth Propels Tech to 2nd Place in NYC's Office Leasing Frenzy Connect CRE · ~2 min read

Technology has become New York City's second most active office leasing sector, behind finance, according to a JLL report. Finance, law and tech together account for more than 70% of the city's leasing activity year to date, up from their historical average.

Materials & Supply Chain

July Steel Shipments Down 3.7 Percent From Prior Month American Iron and Steel Institute · ~2 min read

U.S. steel mills shipped 8,219,540 net tons in July 2026, a 5.4% increase from the 7,797,929 net tons shipped in July 2025, the American Iron and Steel Institute reported Sept. 9. Shipments were down 3.7% from the prior month. Year to date, shipments are up 5.3% from the same period in 2025.

Ocean freight rates cool despite continued price elevation Supply Chain Dive · ~2 min read

Ocean freight rates have eased slightly but remain roughly in line with 2024 peak-season levels, Supply Chain Dive reported Sept. 9. Those 2024 levels were set during the Red Sea diversions and East Coast port labor disruptions.

Policy, Codes & Regulation

EPA, Army Corps Propose Narrower WOTUS Rule ARTBA · ~2 min read

The Environmental Protection Agency and the U.S. Army Corps of Engineers released a supplemental proposed rule narrowing the definition of "waters of the United States" under the Clean Water Act. NAHB, reporting on the same proposal, said the new approach would eliminate the "wet season" concept from the definition.

The Construction Economist — What's Moving Construction? The Economic Look-Ahead.