The latest economic study from the American Institute of Architects indicates that fewer architecture firms reported declining billings due to slightly improved business conditions, however overall billings continued to contract.
The Architecture Billings Index (ABI) for the month of January slightly rose to 44.9 compared to the revised December score of 42.3. The report saw a modest increase in inquiries into new projects during January, with a score of 56.8 compared to 51.7 in December. The value of new design contracts mildly improved to a score of 48.8 (December: 47.0), reflecting an easing in the pace of decline.
Meanwhile hiring in the architecture industry is continuing to rebound, but remains volatile, as seen in Archinect's industry-leading architecture job board.
"The broader economy entered a soft spot during the fourth quarter of last year, and business conditions at design firms have reflected this general slowdown," said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. "While federal stimulus and the increasing pace of vaccinations may begin to accelerate progress in the coming months, the year has gotten off to a slow start, with architecture firms in all regions of the country and in all specializations reporting continued declines in project billings."
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