AIA's Billings Index Survey Showing Positive Signs
Washington, DC - While architectural billings showed only very slight progress during October, signs of improving business conditions at firms have emerged, according to a new report from the American Institute of Architects (AIA).
The pace of decline during October remained at about the same level as in September, posting an ABI score of 47.5 compared to last month's 47.0 (any score below 50 indicates a decline in firm billings). Meanwhile, firms reported a modest increase in new
project inquiries—growing from 57.2 in September to 59.1 in October—and newly signed design contracts jumped into positive territory for the first time since the pandemic began, with a score of 51.7.
“Though still in negative territory, the moderating billings score along with the rebound in design contracts and inquiries provide some guarded optimism,” said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. “The pace of recovery will
continue to vary across regions and sectors.”
Key ABI highlights for
• Regional averages: West (50.4); Midwest (49.4); South (45.8); Northeast (44.9)
• Sector index breakdown: multi-family residential (55.1); mixed practice (52.7); commercial/industrial (48.0); institutional (42.2)
inquiries index: 59.1
• Design contracts index: 51.7
The regional and sector categories are calculated as a three-month moving average, whereas the national index, design contracts and inquiries are monthly numbers.
To learn more about recent economic developments impacting design and construction, visit AIA’s website.
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.