The latest billings data from the American Institute of Architects has found there to be a stable demand for design services across June 2023. The latest figures represent the first time since Fall 2022 that billings remained in positive growth for two consecutive months, indicating that design activity is continuing to slowly recover from turbulent economic conditions.
According to the latest Architecture Billings Index from June, the billings score was 50.1, down marginally from 51.0 in May (a score above 50 indicates an increase in billings). Inquiries into new projects continued to post a positive score of 56.7, though down from May’s 57.2, while new design contracts edged upward to 52.7 in June from 52.3 in May.
“It is encouraging to see two consecutive months of stability in billings after a couple quarters of weakness due to high inflation, rising interest rates, and increased construction costs,” said AIA Chief Economist Kermit Baker. “We are still facing some headwinds in the broader economy, but this respite suggests that market conditions may be finding firmer ground.”
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