Architecture Billings Declined to 48.0 in February
Washington, DC, March 22, 2023--More architecture firms reported a decline in billings in February, with the index score declining to 48.0 from 49.3 in January, according to a new report released from The American Institute of Architects (AIA).
“The combination of an unsettled economy and high interest rates is causing investors and property owners to take a closer look at their plans for construction projects,” said AIA chief economist, Kermit Baker, Hon. AIA, PhD. “While this is producing delays for some projects under design, architecture firms are reporting that prospects for future project work remain generally positive.”
Regional averages were as follows: West (50.4); Midwest (48.8); Northeast (48.4); South (47.3).
The sector index breakdown was mixed practice (57.0); institutional (46.9); commercial/industrial (45.8); multi-family residential (46.2).
Related Topics:The American Institute of Architects