Architecture Billings Index Rebounds After Two Down Months
Washington, D.C. -- Following a two month decline in demand for design services, architecture billings got a bounce in October, according to the Architecture Billings Index (ABI), released by the American Institute of Architects (AIA). October's ABI score was 52.0, up from the September score of 49.7.
This score reflects an increase in design services (any score above 50 indicates an increase in billings). During October, both the new project inquiries and design contracts scores moderated from September but remained positive, posting scores of 57.9 and 52.9 respectively.
“Although ongoing uncertainty over the direction of economic growth persists, a strong stock market and growing payrolls at U.S. businesses continue to generate more construction projects,” said Kermit Baker, Ph.D., AIA chief economist. “With most regional and sector billing scores at architecture firms improving from the previous month, we’re seeing a bit of a rebound from disappointing levels of design activity in recent months.”
ABI regional averages were as follows: South (55.5); West (51.3); Midwest (49.9); Northeast (47.2). The sector index were recorded as: mixed practice (55.2); multi-family residential (54.0); institutional (49.9); commercial/industrial (49.3). The project inquiries index and design contracts index were 57.9 and 52.9 respectively.
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