October Architecture Billings Index Inched Down to 54.3
Washington, DC, November 17, 2021-The Architecture Billings Index (ABI) score for October was 54.3, according to a report from The American Institute of Architects (AIA).
While this score is down slightly from September’s score of 56.6, it still indicates very strong business conditions overall (any score above 50 indicates an increase in billings from the prior month). During October, scoring for both the new project inquiries and design contracts expanded, posting scores of 62.9 and 58.0 respectively.
“Unlike the economy-wide payroll figures, architecture services employment has surpassed its pre-pandemic high,” said AIA chief economist, Kermit Baker, Hon. AIA, PhD. “Staffing continues to be a growing concern at architecture firms and may serve to limit their ability to take on new projects.”
Regional averages were as follows: Midwest (61.9); South (58.2); West (53.4); Northeast (48.6)
The sector index breakdown was mixed practice (58.7); commercial/industrial (57.4); multi-family residential (55.8); and institutional (51.4).
Related Topics:The American Institute of Architects