Architectural Billings Hold Steady at 47.5 in October, Inquiries Up
Washington, DC, November 18, 2020-The pace of decline during October remained at about the same level as in September, posting an ABI score of 47.5 (any score below 50 indicates a decline in firm billings), according to a new report from the American Institute of Architects (AIA).
Meanwhile, firms reported a modest increase in new project inquiries-growing from 57.2 in September to 59.1 in October-and newly signed design contracts jumped into positive territory for the first time since the pandemic began, with a score of 51.7.
“Though still in negative territory, the moderating billings score along with the rebound in design contracts and inquiries provide some guarded optimism,” said AIA chief economist Kermit Baker, PhD, Hon. AIA. “The pace of recovery will continue to vary across regions and sectors.”
Regional averages were as follows: West, 50.4; Midwest, 49.4; South, 45.8; and Northeast, 44.9.
The sector index breakdown was multi-family residential, 55.1; mixed practice, 52.7; commercial/industrial, 48.0; and institutional, 42.2.
The Project inquiries index score was 59.1, and the design contracts index score was 51.7.
Related Topics:The American Institute of Architects