Architecture Billings Dip Slightly in May but Remain Positive
Washington, DC, June 24, 2022-The Architecture Billings Index (ABI) score for May was 53.5, according to a report from The American Institute of Architects (AIA).
This is the lowest rate in more than a year.
While this score is down from April’s score of 56.5, it still indicates very strong business conditions overall (any score above 50 indicates an increase in billings from the prior month). Also in May, both the new project inquiries and design contracts indexes expanded, posting scores of 63.9 and 56.9 respectively.
“The strength in design activity over the past three months has produced a broader base of gains. The Northeast region and Institutional sector have struggled with slow billings activity, but now have posted consecutive months of positive scores.” said AIA chief economist, Kermit Baker, Hon. AIA, PhD. “With the improvement in inquiries and new design projects, demand for design services will likely remain high for the next several months, despite strong economic headwinds.”
Regional averages were as follows: West (59.3); Midwest (56.8); South (52.3); Northeast (51.4).
The sector index breakdown was commercial/industrial (57.7); mixed practice (56.2); multi-family residential (54.5); institutional (51.7).
Related Topics:The American Institute of Architects