AIA Releases Latest Architecture Billings Index
The AIA/Deltek Architecture Billings Index remained below 50 for the fourth consecutive month. The score of 45.3 increased by one point from October, indicating slightly fewer firms reporting a decline in billings. Any score below 50 indicates decreasing business conditions, but there are encouraging signs of the pipeline.
Firms in all regions reported a decline in billings, with business conditions remaining softest at firms located in the West as the region’s billings hit a low for the year. Firms specializing in multi-family residential continue to remain the weakest and business conditions declined further at firms with institutional specialization, despite being the strongest to start 2023.
The ABI score is a leading economic indicator of construction activity, providing an approximately nine-to-12-month glimpse into the future of nonresidential construction spending activity. The score is derived from a monthly survey of architecture firms that measures the change in the number of services provided to clients.
Key ABI highlights for November include:
- Regional averages: Northeast (44.4); Midwest (49.0); South (46.7); West (39.5)
- Sector index breakdown: commercial/industrial (45.7); institutional (46.6); mixed practice (firms that do not have at least half of their billings in any one other category) (42.7); multifamily residential (42.1)
- Project inquiries index: 56.9
- Design contracts index: 48.1
The regional and sector categories are calculated as three-month moving averages and may not always average out to the national score.
For more information, visit aia.org.
Posted December 29, 2023
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