AIA Billings Index Jumps Higher in March

Washington, DC, April 23, 2009--The AIA Billings Index, a leading indicator of U.S. nonresidential construction activity, jumped in March to its best level since August 2008, the American Institute of Architects said Wednesday.

The index rose more than 8 points to 43.7 last month, marking the second consecutive monthly improvement. The index has not crossed above 50, a level that indicates improving demand, since January 2008.

All four geographic regions tracked by the group remained below 50, as did all four construction subsectors, though all are up from their all-time lows. A measure of inquiries for projects rose 7 points to 56.6, its third consecutive monthly increase.

"The fact that inquiries for new projects increased is encouraging, but it will likely be a few months before we see an improvement in overall billings," AIA Chief Economist Kermit Baker said. "This news should be viewed with cautious optimism."

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