The latest billings data from the American Institute of Architects has found there to be a continued albeit slower decline in the demand for design services across January 2023. The reduction is the fourth month in a row where billings declined versus the previous month.
According to the latest Architecture Billings Index from January, the billings score was 49.3, slightly up from the seasonally-adjusted score of 48.4 in December. A score below 50 nonetheless indicates a decline in billings. Inquiries into new projects continued to post a positive score of 55.2, slightly up from December, while new design contracts entered positive territory with a score of 53.4, up from 50 in December.
“While the downturn in design activity extended to four months in January, there are signs of easing,” said AIA Chief Economist, Kermit Baker. “In particular, architecture firms reported that new project work has begun to increase, signifying that this decline in billings may reverse in the coming months.”
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