The Institute’s monthly Architecture Billings Index came in at 42.6, down 3.7 points from November’s score of 46.3
AIA’s monthly Architecture Billings Index took another hit in December, posting a score of 42.6, down 3.7 points from November’s score of 46.3. 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.
“Since the national economic recovery appears to have stalled, architecture firms are entering 2021 facing a continued sluggish design market,” said AIA chief economist Kermit Baker, Hon. AIA, in the Institute’s press release. “However, the recently passed federal stimulus funding should help shore up the economy in the short-term, and hopefully by later this year there should be relief as COVID vaccinations become more widespread. Recent project inquiries from prospective and former clients have been positive, suggesting that new work may begin picking up as we move into the spring and summer months.” New project inquires remained flat from November to December at a score of 52.4. Design contracts remained in negative territory, dropping 0.1 point to a score of 48.6.
Read on >>>> Source: AIA: Billings Take Another Hit in December | Architect Magazine