New statistics from the American Institute of Architects' latest Architecture Billings Index (ABI) show a modest decrease for April, following the gains shown by the ABI in March for the first time since September.
The billings score for April dropped to 48.5, down from the March total of 50.4 (any score above 50 indicates an increase). Firms did report, however, that new project inquiries increased to a score of 53.9, though most practices continued to report a decline in the value of new design contracts to a score of 49.8.
“The ongoing weakness in design activity at architecture firms reflects clients’ concerns regarding the economic outlook,” the AIA's Chief Economist Kermit Baker said in a statement. “High construction costs, extended project schedules, elevated interest rates, and growing difficulty in obtaining financing are all weighing on the construction market.”
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