AIA's Billings Index Survey Slows In October But Remains Positive
Washington, DC – Architecture firm billings growth softened in October but remained positive for the thirteenth 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,” said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. “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
Regional and sector categories above are calculated as a three-month moving average, whereas the national index, design contracts, and inquiries are monthly numbers.
More information on AIA’s ABI is available online.
About The American Institute Of Architects
For over 150 years, members of the American Institute of Architects have worked with each other and their communities to create more valuable, healthy, secure, and sustainable buildings and cityscapes. Members adhere to a code of ethics and professional conduct to ensure the highest standards in professional practice. Embracing their responsibility to serve society, AIA members engage civic and government leaders and the public in helping find needed solutions to pressing issues facing our communities, institutions, nation and world. For more information, visit www.aia.org.