AIA Architecture Billings Index Held Steady at 40.0 in July
Washington, DC, August 19, 2020-The pace of decline during July remained at about the same level as in June, with both months posting an ABI score of 40.0 (any score below 50 indicates a decline in firm billings), according to the American Institute of Architects (AIA). While firms reported a modest decline for inquiries into new projects-slipping from 49.3 in June to 49.1 in July- newly signed design contracts declined more critically, falling from a June level of 44.0 to 41.7 in July.
“It’s clear the pandemic continued to contribute to uncertainty in business conditions, especially as cases spiked in states across the country,” said AIA chief economist Kermit Baker, PhD, Hon. AIA. “While clients expressed interest in exploring new projects, many are hesitant to sign onto new contracts with the exception of the multifamily residential sector, which came close to seeing billings growth in July.”
Regional averages were as follows West, 40.9; South, 40.7; Midwest, 40.1; and Northeast, 36.8.
The sector index breakdown was multi-family residential, 47.5; mixed practice, 44.0; institutional, 39.5; and commercial/industrial, 35.4.
The project inquiries index was 49.1, and the design contracts index was 41.7.
Related Topics:The American Institute of Architects