The American Institute of Architects' latest Architecture Billings Index for August has recorded a slight decrease to a score of 48.1 (any score above 50 indicates an increase), marking the eleventh month of consecutively flat figures for firms following a period of growth between 2021 and mid-2022.
The value of new design contracts also dropped for the first time since April. The multifamily market maintained its relatively poor performance, with the institutional sector likewise recording a decline. Firms specializing in commercial/industrial projects, however, reported increases for the third month in a row.
“Business conditions at architecture firms continue to be sluggish,” Kermit Baker, the AIA’s Chief Economist, said in a statement. “New project work coming into architecture firms as well ongoing project activity remain stalled in a relatively narrow range and exhibit very little month-to-month variation. Though this pause has taken pressure off tight staffing conditions across the profession, there is considerable uncertainty over the direction of future activity.”
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