The American Institute of Architects published the new economic report for the month of December this morning, indicating a considerable decline in demand for design services from U.S. architecture firms. The Architecture Billings Index dropped to a score of 42.6, well below November's 46.3 score.
The report shows the pace of growth of inquiries into new projects as flat from November to December with a score of 52.4. The value of new design contracts remained in negative terrain with a score of 48.5.
Meanwhile hiring in the architecture industry is continuing to rebound, but remains volatile, as seen in Archinect's industry-leading architecture job board.
"Since the national economic recovery appears to have stalled, architecture firms are entering 2021 facing a continued sluggish design market," said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. "However, the recently passed federal stimulus funding should help shore up the economy in the short-term, and hopefully by later this year there should be relief as COVID vaccinations become more widespread. Recent project inquiries from prospective and former clients have been positive, suggesting that new work may begin picking up as we move into the spring and summer months."
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from LADBS:
Re projections: I say good luck.
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