Architecture Billing Index Rebounds in January
Washington, DC, March 6, 2014 -- The American Institute of Architects' Architecture Billings Index rebounded to a reading of 50.4 in January after two months of declines at the end of last year.
The December reading was 48.5.
Any reading below 50 representing a decline in billings and reading above 50 representing growth in billings.
Inquiries into new projects remained strong, although the value of new signed design contracts declined minimally in January, the first time that they have not increased in a year.
"There is enough optimism in the marketplace that business conditions should return to steady growth as the year progresses,” said AIA Chief Economist Kermit Baker.
“The suspension of the debt ceiling should ease some anxiety around projects for the federal government, at least for the time being. However, private sector spending should lead the construction upturn this year, which will depend more on employment growth and continued improvement in the overall economy."
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To listen to today's interview with Kermit Baker about the AIA billing Index and the 2014 U.S. Housing building/remodeling outlook, click here.