Last month’s Architecture Billings Index came in at 54.3, 2.3 points lower than the September score.
AIA’s monthly Architecture Billings Index fell but remained strong in October, coming in at 54.3, which is 2.3 points below September’s ABI of 56.6. 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.
Design contracts and new project inquiries remained in positive territory with both scores expanding slightly in October. Design contracts came in 58.0, rising 3.3 points from the September score of 54.7; new project inquiries scored 62.9, rising 1.1 point from September’s score of 61.8. “Unlike the economywide payroll figures, architecture services employment has surpassed its pre-pandemic high,” said AIA chief economist, Kermit Baker, Hon. AIA, in a press release from AIA. “Staffing continues to be a growing concern at architecture firms and may serve to limit their ability to take on new projects.”
Read on >>>>> Source: AIA: October Billings Fall Slightly But Remain Strong | Architect Magazine