May ABI Reports Eighth Consecutive Month of Growth
Architecture firm billings saw a respectable increase last month, indicating the eighth consecutive month of solid growth. According to the Architecture Billings Index (ABI) from the American Institute of Architects (AIA), the overall score increased 0.8 points in May to a score of 52.8. A leading economic indicator of construction activity, the ABI reflects a rough nine- to 12-month lead time between architectural billings and spending.
“Architecture firms continue to have plenty of work as they enter the busiest part of the design and construction season,” said AIA Chief Economist Kermit Baker, Hon. AIA. “This is especially true for firms serving the institutional building sector, which reported their strongest growth in billings in several years.”
The project inquiries index underwent a notable increase from 56.7 to 59.3, while all regional averages boasted positive scores. The sector index breakdown was nearly all positive as well, save for the mixed practice sector.