The Institute’s monthly Architecture Billings Index came in at 40.0, remaining level with June’s score.
AIA’s monthly Architecture Billings Index displayed stalled billings for July, posting a score of 40.0 and remaining level with June’s score. 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.
“It’s clear the pandemic continued to contribute to uncertainty in business conditions, especially as cases spiked in states across the country,” said AIA chief economist Kermit Baker, Hon. AIA, in a press release. “While clients expressed interest in exploring new projects, many are hesitant to sign onto new contracts with the exception of the multifamily residential sector, which came close to seeing billings growth in July.” New project inquiries fell slightly from 49.3 in June to 49.1 in July; design contracts declined more notably from 44.0 in June to 41.7 in July.
Read on >>> Source: AIA: Billings Stalled in July | Architect Magazine