Architectural billings remained largely unchanged from the previous month during October, reports the American Institute of Architects in its latest Architecture Billings Index (ABI) this morning. The current pace of decline in firm billings was registered at 47.5 — only a mild improvement from the 47.0 score in September and significantly behind pre-pandemic growth numbers that abruptly ended in March.
The report signals a modest increase in new project inquiries, growing from 57.2 in September to 59.1 in October. The score for newly signed design contracts inched into positive terrain for the first time since the beginning of the pandemic at 51.7.
Meanwhile hiring in the architecture industry is continuing to rebound, but remains volatile, as seen in Archinect's industry-leading architecture job board.
"Though still in negative territory, the moderating billings score along with the rebound in design contracts and inquiries provide some guarded optimism," said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. "The pace of recovery will continue to vary across regions and sectors."
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