The latest economic report from the American Institute of Architects continues to reflect growth at a "vigorous pace." The Architecture Billings Index (ABI) for May expanded for the fourth consecutive month, rising to a score of 58.5 compared to 57.9 in April — reportedly one of the highest in the index’s 25-year history.

The reading for new design contracts climbed to its second consecutive record high with a score of 63.2. New project inquiries softened slightly with a score of 69.2.

Meanwhile, hiring in the architecture industry is continuing to rebound, as seen in Archinect's industry-leading architecture job board.

May ABI Highlights

• Regional averages: Midwest (63.4); South (59.0); West (57.4); Northeast (54.2)
• Sector index breakdown: commercial/industrial (60.6); multi-family residential (59.5); mixed practice (57.9); institutional (57.1)
• Project inquiries index: 69.2
• Design contracts index: 63.2

"Despite ballooning costs for construction materials and delivery delays, design activity is roaring back as more and more places reopen," said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. "However, concern over rising inflation and ongoing supply chain disruptions, as well as emerging labor shortages, could dampen the emerging construction recovery."