Multifamily Residential Is Bright Spot In July's AIA Billings Index Survey
Washington, DC - Architectural billings failed to show any progress during
July, and business conditions continued to be soft at firms, according to a new
report from the American Institute of Architects (AIA).
The pace of decline
during July remained at about the same level as in June with both months posting
an ABI score of 40.0 (any score below 50 indicates a decline in firm billings).
While firms reported a modest decline for inquiries into new projects—slipping
from 49.3 in June to 49.1 in July—newly signed design contracts declined more
critically, falling from a June level of 44.0 to 41.7 in July.
“It’s clear the pandemic
continued to contribute to uncertainty in business conditions, especially as
cases spiked in states across the country,” said AIA Chief Economist Kermit
Baker, PhD, Hon. AIA. “While clients expressed interest in exploring new
projects, many are hesitant to sign onto new contracts with the exception of
the multifamily residential sector, which came close to seeing billings growth
Key ABI figures for July
• Regional averages: West (40.9); South (40.7); Midwest
(40.1); Northeast (36.8)
• Sector index breakdown: multi-family residential (47.5);
mixed practice (44.0); institutional (39.5); commercial/industrial (35.4)
• Project inquiries index: 49.1
• Design contracts index: 41.7
The regional and
sector categories are calculated as a three-month moving average, whereas the
national index, design contracts and inquiries are monthly numbers.
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.