The architecture billings index, a leading indicator of U.S. construction activity, fell in April, hurt by tight financing for projects.
The architecture billings index fell 2.9 points last month to 47.6, a level that indicates declining demand for architecture services, according to the American Institute of Architects. The new project inquiries index fell 3.7 points to 55.0, suggesting a hoped-for construction recovery may be delayed. The AIA's index is considered a predictor of nonresidential construction trends 9 to 12 months in the future.
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