The new AIA/Deltek Architecture Billings Index (ABI) for April has reported a new score of 48.3, indicating a continued decrease in economic activity while posting an improvement over March’s previously reported total of 43.6. For the month, inquiries into new projects continued to increase slightly despite a decrease in the total value of newly signed design contracts.
The AIA notes an increase in the number of firms pursuing international projects, with 9% of responding firm leaders indicating they currently have billings overseas. This news comes on the heels of the Federal Reserve’s decision not to lower interest rates earlier in May. The demand for architecture services employment is now at its lowest level since December.
The AIA says: "Firms had hoped that the Federal Reserve would start lowering interest rates this spring and that would open new work, but with that decrease now likely on hold until late summer or early fall, firms may have some more slow months ahead of them."
You can access our new guide to understanding business conditions via the AIA's Architecture Billings Index here.
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