Architecture Billings Index Score Rose to 47.5 in December
Washington, DC, January 27, 2023-The pace of decline during December slowed from November, posting an Architecture Billings Index (ABI) score of 47.5 from 46.6, according to a report from the American Institute of Architects.
Inquiries into new projects posted a positive score of 52.3, however new design contracts remained in negative territory with a score of 49.4.
“Despite strong revenue growth last year, architecture firms have modest expectations regarding business conditions this coming year,” said AIA chief economist Kermit Baker, PhD, Hon. AIA. “With ABI scores for the entire fourth quarter of 2022 in negative territory, a slowdown in construction activity is expected later this year, though the depth of the downturn remains unclear.”
Regional averages were as follows: Midwest (49.4); South (48.6); Northeast (46.5); West (45.5).
Sector index breakdown was mixed practice (54.8); institutional (47.3); commercial/industrial (45.2); and multi-family residential (44.3).
Related Topics:The American Institute of Architects