The latest billings data from the American Institute of Architects has found there to be a rebound in the demand for design services across May 2023. The index score in May was the highest it has been since September 2022, while inquiries into new projects and design contracts reached their highest levels since February.
According to the latest Architecture Billings Index from May, the billings score was 51.0, up from 48.5 in April (a score above 50 indicates an increase in billings). Inquiries into new projects continued to post a positive score of 57.2, up from April’s 53.9, while new design contracts entered positive territory with a score of 52.3, up from 49.8 in April.
"The modest improvement in overall demand for architectural services that we saw last month is encouraging news," said AIA Chief Economist Kermit Baker. "However, there continues to be variation in the performance of firms by regional location and building specialization. This suggests that overall business conditions for the profession likely will continue to be variable."
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