The latest AIA/Deltek Architecture Billings Index has shown a continued decline in billings through last month. The September ABI remains at 45.7, where it also sat in August. Any score below 50.0 indicates a decline. The findings mark the twentieth consecutive month of declines in the ABI index.
“Despite recently announced rate cuts by the Federal Reserve, clients are still cautious about future projects,” the AIA notes about the latest figures. “Inquiries into potential new projects continued to increase, but the pace has slowed since the beginning of the year. And the value of newly signed design contracts at firms decreased for the sixth consecutive month in September, although the pace of that decline has moderated somewhat over the last few months.”
“However, firms continue to report average backlogs of 6.4 months, which remains above pre-pandemic historical averages and is a good indicator of existing work in the pipeline, even if new work coming in has slowed,” the AIA adds.
September ABI Highlights
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