The latest economic report from the American Institute of Architects shows a continued decline of architecture firm billing activity. The Architecture Billings Index for the month of November fell below October's, now posting a score of 46.3.
The Institute also registered a slowing pace of inquiries into new projects, albeit remaining in positive terrain with a score of 52.0 (compared to the October score of 59.1). The value of new design contracts however fell back into the negative zone with a 48.6 score after briefly inching into growth territory in October for the first time since the beginning of the pandemic.
Meanwhile hiring in the architecture industry is continuing to rebound, but remains volatile, as seen in Archinect's industry-leading architecture job board.
"In previous design cycles, we typically haven’t seen a straight line back to growth after a downturn hits," said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. "The path to recovery is shaping up to be bumpier than we hoped for. While there are pockets of optimism in design services demand, the overall construction landscape remains depressed."
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