Architectural Billings Rose from 51.3 in February to 58.0 in March
Washington, DC, April 20, 2022-The Architecture Billings Index (ABI) score for March was 58.0, up from a score of 51.3 in February, according to The American Institute of Architects (AIA). Any score above 50 indicates an increase in billings.
During March, scoring for both new project inquiries and design contracts expanded, posting scores of 63.9 and 60.5, respectively.
“The spike in firm billings in March may reflect a desire to beat the continued interest rate hikes expected in the coming months,” said AIA chief economist, Kermit Baker, Hon. AIA, PhD. “However, since project backlogs at architecture firms have reached seven months, a new all-time high, it appears that firms are having a difficult time keeping up with this uptick in demand for design services.”
Regional averages were South (57.2); Midwest (56.2); West (54.0); Northeast (46.3).
The sector index breakdown was mixed practice (58.2); multi-family residential (57.2); commercial/industrial (55.3); institutional (50.5).
Related Topics:The American Institute of Architects