The American Institute of Architects has released new Architecture Billings Index data for the month of November, indicating a further softening of business conditions with a score below 50 recorded for what is now the fourth month in a row.
The new 45.3 score for the month is still a full point higher than October’s total. The AIA says firms in the West region were the most impacted, reaching new lows for the calendar year. Multi-family residential specialty firms remained among the hardest-hit operations, along with architects working heavily in the institutional sector.
“This marks the seventh month in 2023 with a decline in billings. Over the past three months, this pace of decline has accelerated, with firms in all specializations and in all regions of the country reporting weakening business conditions,” the AIA’s Chief Economist Kermit Baker said in a press release. “However, with signs that credit conditions are beginning to ease, firms are reporting an uptick in inquiries for future projects.”
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