According to a recently published report from the American Institute of Architects (AIA), the Architecture Billings Index (ABI) is showing signs of a rebound after showing consistently mixed results over recent months.
The ABI score for the month of October has risen to 52.0, up from 49.7 in September and 47.2 in August. According to how the index is tabulated, any score above 50.0 indicates an increase in the demand for design services.
The modest rebound brings the majority of the ABI's categories into the positive realm, though sluggish conditions persist in the Northeast and Midwestern regions. As the figures above show, the number of project inquiries has fallen slightly from September's 59.0 score. The execution of design contracts is also somewhat lower in October when compared with September's 54.4 score. Across the regions, the West and South continued to show healthy gains while other regions showed modest drops in demand for architectural services.
Regarding the comparatively upbeat figures, AIA Chief Economist Kermit Baker, writes, "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."
Baker explained, "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."
The figures somewhat contradict a recent construction spending report from Dodge Data & Analytics that shows construction spending falling sharply over the last month. One thing the two reports have in common? Healthy growth in the multi-family residential project sector.
No Comments
Block this user
Are you sure you want to block this user and hide all related comments throughout the site?
Archinect
This is your first comment on Archinect. Your comment will be visible once approved.