The Institute’s monthly Architecture Billings Index came in at 47.5, increasing slightly from September’s 47.0.
AIA’s monthly Architecture Billings Index stalled in October, posting a score of 47.5, up just 0.5 point from September’s score of 47.0. 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.
“Though still in negative territory, the moderating billings score along with the rebound in design contracts and inquiries provide some guarded optimism,” said AIA chief economist Kermit Baker, Hon. AIA, in the Institute’s press release. “The pace of recovery will continue to vary across regions and sectors.” New project inquiries increased from 57.2 in September to 59.1 in October, and design contracts inched into positive territory for the first time since the COVID-19 pandemic’s start, increasing from 48.9 in September to 51.7 in October.
Read on >>>> Source: AIA: Billings Stalled in October | Architect Magazine