The latest economic report from the American Institute of Architects is indicating a mild sense of optimism: the Architecture Billings Index (ABI) for the month February climbed back into positive territory for the first time since February 2020. At a score of 53.3, the new ABI marked a significant increase compared to 44.9 in January.
The design contract score also re-entered positive terrain since the beginning of the pandemic with a score of 51.6 compared to 48.8 in January. The new project inquiries score expanded from 56.8 in January to 61.2 in February, a 22-month high water mark.
Meanwhile hiring in the architecture industry is continuing to rebound, but remains volatile, as seen in Archinect's industry-leading architecture job board.
"Hopefully, this is the start of a more sustained recovery. It is possible that scores will continue to bounce above and below 50 for the next few months, as recoveries often move in fits and starts," said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. "Beyond the encouraging billing data, architecture employment added 700 new positions in January and has now regained 45 percent of the jobs that were lost since the beginning of the pandemic."
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