Architecture Billings Index Down 1 Point to 46.3 in November
Washington, DC, December 18, 2020-The pace of decline during November accelerated from October, posting an Architecture Billings Index (ABI) score of 46.3 from 47.5 (any score below 50 indicates a decline in firm billings), according to a new report from the American Institute of Architects (AIA). The pace of inquiries into new projects slowed, but remained positive with a score of 52.0, however the value of new design contracts dipped back into negative territory with a score 48.6.
“In previous design cycles, we typically haven’t seen a straight line back to growth after a downturn hits,” said AIA chief economist, Kermit Baker, Hon. AIA, PhD. “The path to recovery is shaping up to be bumpier than we hoped for. While there are pockets of optimism in design services demand, the overall construction landscape remains depressed.”
Regional averages were as follows: Midwest, 50.1; West, 48.3; South, 46.7; Northeast, 38.7.
The sector index breakdown was multi-family residential, 52.2; mixed practice, 49.5; commercial/industrial, 47.5; and institutional, 41.9.
The project inquiries index was 52.0, and the design contracts index was 48.6.
Related Topics:The American Institute of Architects