Architecture Firm Billings Continue to Slow, Remain Positive in OctoberDecember 13th, 2018 | Category: Industry News
Architecture firm billings growth softened in October but remained positive for the 13th consecutive month, according to a new report from The American Institute of Architects (AIA).
AIA’s Architecture Billings Index (ABI) score for October was 50.4 compared to 51.1 in September. With continued strength in new project inquiries, billings are expected to remain steady into the coming months.
“The effects of the 2018 hurricane season are the probable cause of the temporary contraction in billings in the Southern region,” say AIA chief economist Kermit Baker. “This decrease in demand for design services is limited, and the region should rebound over the next several months.”
Key ABI highlights for October include:
Regional averages: Midwest (57.8), Northeast (51.8), South (48.4), West (46.9)
Sector index breakdown: mixed practice (52.7), multi-family residential (52.3), institutional (52.0), commercial/industrial (48.9)
Project inquiries index: 58.6
Design contracts index: 52.8