Ongoing fallout from the COVID-19 pandemic continues to impact all sectors and regions of the economy.
AIA’s monthly Architecture Billings Index for April came in at a score of 29.5, a 3.8-point decrease from March’s dramatic fall to 33.3. The ABI is a leading economic indicator of construction activity in the U.S. and reflects a nine- to 12-month lead time between architecture billings and construction spending nationally, regionally, and by project type. A score above 50 represents an increase in billings from the previous month, while a score below 50 represents a contraction.
“With the dramatic deceleration that we have seen in the economy since mid-March, it’s not surprising that businesses and households are waiting for signs of stability before proceeding with new facilities,” said AIA chief economist Kermit Baker, Hon. AIA, in an AIA press release. “Once business activity resumes, demand for design services should pick up fairly quickly. Unfortunately, the precipitous drop in demand for design services will have lasting consequences for some firms.” Design contracts remained largely unchanged at a score of 27.6.
Read on >>>> Source: Architect AIA: Billings Continued Historic Contraction in April | Architect Magazine