Architecture Billings Index (ABI) Moved Above 50 in March

Washington, DC, April 19, 2023-The billings score for March increased from 48.0 in February to 50.4 in March (any score above 50 indicates an increase in firm billings), according to the American Institute of Architects (AIA). However, firms reported that inquiries into new projects grew at a slower pace, while the value of new design contracts declined from 51.3 in February to 48.9 in March.

“In spite of the positive movement in architecture firm billings in March, core concerns remain., “said AIA chief economist, Kermit Baker, Hon. AIA, PhD. “Inflation still needs to ease further for interest rates to return to more normal levels, and the banking turmoil still threatens to hold back residential and commercial construction loans.”

Regional averages were as follows: Midwest (51.4); Northeast (49.1); South (47.4); and West (47.2).

The sector index breakdown was mixed practice (firms that do not have at least half of their billings in any one other category) (53.9); institutional (48.8); commercial/industrial (49.7); and multi-family residential (44.2).

Related Topics:The American Institute of Architects