The latest data from the American Institute of Architects (AIA) has shown a decline for the industry in February, bolstering a downward economic swing that has lasted through the new year as the prospect of a recession grows ever closer.
The Architecture Billings Index (ABI) for the month was at 48.0, down slightly from the 49.3 figure that was recorded for January. New project inquiries did increase, however, along with the overall value of new design contracts. The AIA says these both provide indicators as to improve business performance over the coming months.
With the negative figure (only scores above 50 are considered positive) the ABI has now posted declines from the previous month five times in a row.
“The combination of an unsettled economy and high interest rates is causing investors and property owners to take a closer look at their plans for construction projects,” the AIA’s Chief Economist Kermit Baker said. “While this is producing delays for some projects under design, architecture firms are reporting that prospects for future project work remain generally positive.”
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