Architecture Billings Index Declined to 44.3 in October

Washington, DC, November 15, 2023-The October score for the AIA/Deltek Architecture Billings Index (ABI) was 44.3. For the third consecutive month, the score was under 50, indicating that a significant share of firms is seeing a decline in billings. In September, the score was 44.8.

“This report indicates not only a decrease in billings at firms, but also a reduction in the number of clients exploring and committing to new projects, which could potentially impact future billings. The soft conditions were evident across the entire country as well as across all major nonresidential building sectors,” said Kermit Baker, PhD, AIA chief economist.

Billings were universally soft across the entire country in October, with firms located in the West and Northeast continuing to report the softest conditions overall for the second month in a row.

Regional averages were as follows: Northeast (42.1); South (48.5); Midwest (48.9); West (40.0)

The sector index breakdown was commercial/industrial (43.7); institutional (49.1); mixed practice (firms that do not have at least half of their billings in any one other category) (44.0); and multifamily residential (40.1).

The project inquiries index was 48.8, and the design contracts index was 46.5.

Related Topics:The American Institute of Architects