Jan. Architecture Billings Index Score Rose to 49.3, New Project Interest Up to 55.2
Washington, DC, February 22, 2023-The Architecture Billings Index (ABI) score for January was 49.3 compared to 48.4 in December (any score below 50 indicates a decline in firm billings), according to the American Institute of Architects (AIA).
Last month’s score indicates overall revenue at U.S. architecture firms continued to decline from December to January, however, the pace of decline slowed. Inquiries into new projects during January grew, with a score of 55.2 compared to 52.6 in December. The value of new design contracts also reflected an easing in the pace of decline, rising to a score of 53.4 in January from 50.0 the previous month.
“While the downturn in design activity extended to four months in January, there are signs of easing,” said AIA chief economist, Kermit Baker, Hon. AIA, PhD. “In particular, architecture firms reported that new project work has begun to increase, signifying that this decline in billings may reverse in the coming months.”
Regional averages were as follows: Midwest (51.6); West (51.3); Northeast (50.9); South (46.9).
The sector index breakdown was mixed practice (56.0); institutional (48.6); commercial/industrial (46.8); and multi-family residential (45.9).
Related Topics:The American Institute of Architects