Uncertainty in the economy continues to have an impact on all sectors and regions.
AIA’s monthly Architecture Billings Index for May came in at a score of 32.0, a 2.5-point increase from April’s stunningly low value of 29.5. 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.
“A large portion of the design and construction industry remains mired in steep cutbacks as many businesses and organizations are still trying to figure out what actions make sense in this uncertain economic environment,” said AIA chief economist Kermit Baker, Hon. AIA, in an AIA press release. “There are growing signs of activity beginning to pick up in some areas, but others are seeing a pause as pandemic concerns continue to grow.” April’s steep drop in new project inquiries and design contracts leveled slightly in May with scores of 38.0 and 33.1, respectively.
Read on >>> Source: Architect AIA: Billings’ Downward Trajectory Moderated in May | Architect Magazine