For the second consecutive month, the Architecture Billings Index (ABI) indicated a modest increase in design activity in March. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lead time between architecture billings and construction spending.
The American Institute of Architects (AIA) reported the March ABI score was 51.7, up from a mark of 50.4 in February. This score reflects an increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 58.2, up from a reading of 56.6 the previous month.
“Business conditions at architecture firms generally are quite healthy across the country. However, billings at firms in the Northeast were set back with the severe weather conditions, and this weakness is apparent in the March figures,” said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. “The multi-family residential market has seen its first occurrence of back-to-back negative months for the first time since 2011, while the institutional and commercial sectors are both on solid footing.”
Key March ABI highlights:
• Regional averages: South (54.5), Midwest (51.0), West (50.4), Northeast (45.8)
• Sector index breakdown: institutional (53.2), commercial / industrial (53.0), multi-family residential (49.7), mixed practice (46.2)
• Project inquiries index: 58.2
• Design contracts index: 52.3
The regional and sector categories are calculated as a 3-month moving average, whereas the national index, design contracts and inquiries are monthly numbers.
About the AIA Architecture Billings Index
The Architecture Billings Index (ABI), produced by the AIA Economics & Market Research Group, is a leading economic indicator that provides an approximately nine to twelve month glimpse into the future of nonresidential construction spending activity. The diffusion indexes contained in the full report are derived from a monthly “Work-on-the-Boards” survey that is sent to a panel of AIA member-owned firms. More at: http://www.aia.org/practicing/economics/AIAS076265
Related Stories
| Jul 19, 2013
Must see: 220 years of development on Capitol Hill in one snazzy 3D flyover video
The Architect of the Capitol this week released a dramatic video timeline of 220 years of building development on Capitol Hill.
| Jul 18, 2013
Top Local Government Sector Construction Firms [2013 Giants 300 Report]
Turner, Clark Group, PCL top Building Design+Construction's 2013 ranking of the largest local government sector contractor and construction management firms in the U.S.
| Jul 18, 2013
Top Local Government Sector Engineering Firms [2013 Giants 300 Report]
STV, URS, AECOM top Building Design+Construction's 2013 ranking of the largest local government sector engineering and engineering/architecture firms in the U.S.
| Jul 18, 2013
Top Local Government Sector Architecture Firms [2013 Giants 300 Report]
Stantec, HOK, IBI Group top Building Design+Construction's 2013 ranking of the largest local government sector architecture and architecture/engineering firms in the U.S.
| Jul 18, 2013
Top State Government Sector Construction Firms [2013 Giants 300 Report]
PCL, Clark Group, Turner top Building Design+Construction's 2013 ranking of the largest state government sector contractor and construction management firms in the U.S.
| Jul 18, 2013
Top State Government Sector Engineering Firms [2013 Giants 300 Report]
Jacobs, AECOM, URS top Building Design+Construction's 2013 ranking of the largest state government sector engineering and engineering/architecture firms in the U.S.
| Jul 18, 2013
Top State Government Sector Architecture Firms [2013 Giants 300 Report]
Stantec, Perkins+Will, HNTB top Building Design+Construction's 2013 ranking of the largest state government sector architecture and architecture/engineering firms in the U.S.
| Jul 18, 2013
Top Federal Government Sector Construction Firms [2013 Giants 300 Report]
Clark Group, PCL, Hensel Phelps top Building Design+Construction's 2013 ranking of the largest federal government sector contractor and construction management firms in the U.S.
| Jul 18, 2013
Top Federal Government Sector Engineering Firms [2013 Giants 300 Report]
Fluor, URS, AECOM top Building Design+Construction's 2013 ranking of the largest federal government sector engineering and engineering/architecture firms in the U.S.
| Jul 18, 2013
Top Federal Government Sector Architecture Firms [2013 Giants 300 Report]
HOK, SmithGroupJJR, PageSoutherlandPage top Building Design+Construction's 2013 ranking of the largest federal government sector architecture and architecture/engineering firms in the U.S.
