Architecture Billings Index Backslides in March
Washington D.C. -- Following consistently increasing demand for design services for over two years, the Architecture Billings Index (ABI) dipped into negative territory in March, according to a new report from The American Institute of Architects (AIA).The ABI score for March was 47.8, down from 50.3 in February. Indicators of work in the pipeline, including inquiries into new projects and the value of new design contracts remained positive.
“Though billings haven’t contracted in a while, it is important to note that it does follow on the heels of a particularly tough late winter period for much of the country,” said Kermit Baker, Ph.D., AIA chief economist. “Many indicators of future work at firms still remain positive, although the pace of growth of design contracts has slowed in recent months.”
Regional averages were: South (54.2), Midwest (48.7), West (47.2), Northeast (43.5). The sector index breakdown was as follows: mixed practice (53.1), commercial/industrial (47.0), institutional (48.9), multi-family residential (47.7). The project inquiries index was 59.8; and design contracts index was 50.8.
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