The latest AIA/Deltek Architecture Billings Index (ABI) for July has shown a continued state of soft business conditions at firms across the country, with a score of 48.2. This constitutes fewer reported declines and a minor improvement over June’s score of 46.4. Contracts decreased for the fourth consecutive month while, conversely, the rate of decline has slowed. The AIA notes that inquiries into new projects have also increased, albeit at a continued slow pace.

"Architecture firms continue to face a billings slowdown,” Kermit Baker, the Chief Economist for the AIA, states. “However, the emerging prospects of lower interest rates coupled with a modest uptick in project inquiries suggest that some dormant projects may be revived in the coming months.”

The question of interest rates factored heavily into our recent Archinect Business Survey. Notably, firms in the Northeast U.S. experienced stable billings for the second consecutive month. Billings declined in other regions, though the AIA noted the pace of those declines has decreased across the board.

July ABI Highlights

• Regional averages: Northeast (50.0); Midwest (47.6); South (46.3); West (46.0)
• Sector index breakdown: commercial/industrial (45.0); institutional (49.1); mixed practice (firms that do not have at least half of their billings in any one other category) (47.7); multifamily residential (45.4)
• Project inquiries index: 52.4
• Design contracts index: 46.5

You can read our new guide to understanding business conditions via the AIA's Architecture Billings Index here.

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