ASID Optimistic About Growth for 2014
Washington, DC, Aug. 20, 2014 -- The American Society of Interior Designers Second Quarter 2014 Interior Design Billings Index indicates steady, continued and positive momentum for the interior design industry in the months ahead, the group said.
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In June, the index stood at 55.8 and the Inquiries Index was 58.2.
While both indices are down slightly from May, ASID said, the figures remain above 50, indicating growth in the industry.
Most firms reported increased billings in June with index scores of 50 or above, ASID said.
Smaller firms, with either a sole practitioner or fewer than 10 employees, have reported consistent growth since the beginning of the year as well as year over year.
Results for larger firms (those with 25 or more employees) were positive, although imprecise due to the small number of responses, ASID said.
Medium-sized firms (10 to 24 employees) reported the lowest billings in the past year.
The single-family and multifamily residential sectors reported billings increases in May and June.
The commercial sector was not as strong, ASID said, with only the office sector reporting increased billings in June.
The hospitality, retail and entertainment sectors mostly witnessed declines in billings during the first six months of 2014, with the latter two facing eight months of billings declines over the past year.
The hospitality sector began 2014 with decreased billings, witnessed a rise in billings in February, and ended June with its lowest billings in a year.
The institutional sector showed varied results, with billings fluctuating dramatically over the past six months in government, education and healthcare.
“While the U.S. economy shifted into a higher gear during the second quarter and the composition of growth has improved, some uncertainty remains,” said Jack Kleinhenz, Ph.D., chief economist for this research.
“The pace of construction and home improvement spending has been growing in fits and starts during the first half of 2014. Although employment for both architecture and design services is up, the second half of the year may increase at a slower pace and could result in positive — though softer — readings for billings and inquiries.”