Architecture firms reported a modest increase in March billings. This positive news was tempered by a slight decrease in new design contracts according to a new report released today from The American Institute of Architects (AIA). March was the first time since last September in which billings improved, according to the March 2023 AIA/Deltek Architecture Billings Index.
The billings score for March increased from 48.0 in February to 50.4 in March (any score above 50 indicates an increase in firm billings). However, firms reported that inquiries into new projects grew at a slower pace, while the value of new design contracts declined from 51.3 in February to 48.9 in March.
“In spite of the positive movement in architecture firm billings in March, core concerns remain., “said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. “Inflation still needs to ease further for interest rates to return to more normal levels, and the banking turmoil still threatens to hold back residential and commercial construction loans.”
Key ABI highlights for March include:
- Regional averages: Midwest (51.4); Northeast (49.1); South (47.4); West (47.2)
- Sector index breakdown: mixed practice (firms that do not have at least half of their billings in any one other category) (53.9); institutional (48.8); commercial/industrial (49.7); multi-family residential (44.2)
Related Stories
Sponsored | Accelerate Live! | Jul 13, 2017
Defining the future by mastering the art of change
From my perspective, what separates organizations thriving in the digital revolution from those who are not boils down to one thing: leadership.
Multifamily Housing | Jul 12, 2017
Midyear Rent Report: 26 states saw rental price increases in first half of 2017
The most notable rental increases are in growing markets in the South and Southwest: New Orleans, Glendale, Ariz., Houston, Reno, N.V., and Atlanta.
Giants 400 | Jul 12, 2017
Innovation abounds, but will it lead to growth for AEC Giants?
Engineering firms such as Arup, Glumac, and Thornton Tomasetti are leveraging their in-house expertise to develop products and tools for their design teams, clients, and even the competition.
Multifamily Housing | Jul 12, 2017
7 noteworthy multifamily projects: posh amenities, healthy living, plugged-in lifestyle
Zen meditation gardens, bocce courts, saltwater pools, and free drinks highlight the niceties at these new multifamily developments.
Accelerate Live! | Jul 6, 2017
Watch all 20 Accelerate Live! talks on demand
BD+C’s inaugural AEC innovation conference, Accelerate Live! (May 11, Chicago), featured talks on machine learning, AI, gaming in construction, maker culture, and health-generating buildings.
Healthcare Facilities | Jun 29, 2017
Uniting healthcare and community
Out of the many insights that night, everyone agreed that the healthcare industry is ripe for disruption and that communities contribute immensely to our health and wellness.
Architects | Jun 25, 2017
Stantec adds RNL Design to its stable, fortifying several of its business units
The engineering giant also names successor to CEO who will retire at the end of this year.
Building Team | Jun 22, 2017
Seven lessons learned on commissioning projects
Commissioning is where the rubber meets the road in terms of building design.
Sponsored | Building Team | Jun 20, 2017
Plan ahead when building in the west
Getting a project through plan review can be an unusually long process, anywhere from six months to two years.
Architects | Jun 19, 2017
Preparing to negotiate: Get your head in the game
Logical and well-planned steps to effective negotiation.
