New data from the American Institute of Architects' latest Architecture Billings Index (ABI) shows an increase for the month of March, ending a five-month streak of declines in spite of a slight decrease in the overall number of new contracts during the same 30-day period.
The billings score for March increased to 50.4 in March, up from February’s 48.0 figure (any score above 50 indicates an increase). As mentioned, the value of new design contracts declined to 48.9 in March, down from a score of 51.3 that was recorded the month before.
“In spite of the positive movement in architecture firm billings in March, core concerns remain,” the AIA’s Chief Economist Kermit Baker said. “Inflation still needs to ease further for interest rates to return to more normal levels, and the banking turmoil still threatens to hold back residential and commercial construction loans.”
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