Billings growth dips but is stable across sectors.
Architecture firm billings slowed in June but remained positive for the ninth consecutive month, according to a new report today from The American Institute of Architects (AIA).
AIA's Architecture Billings Index (ABI) score for June was 51.3 compared to 52.8 in May, which is positive since any score over 50 represents billings growth. As a result, June's ABI shows that demand for architecture firm services continues to improve across all sectors.
"Architects continue to see increases in demand for their services this summer, with new project work coming in at a healthy pace," said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. "However, business conditions are beginning to vary across the country. While essentially remaining flat in the Northeast and Midwest, billings jumped in the South while dropping in the West."
Key ABI highlights for June include:
• Regional averages: West (46.9), Midwest (49.8), South (57.4), Northeast (50.2)
• Sector index breakdown: multi-family residential (54.6), institutional (51.6), commercial/industrial (53.4), mixed practice (49.3)
• Project inquiries index: 56.0
• Design contracts index: 54.1
Regional and sector categories above are calculated as a three-month moving average, whereas the national index, design contracts, and inquiries are monthly numbers. --AIA