Washington, D.C. – November 20, 2013 – Following three
months of accelerating demand for design services, the Architecture Billings
Index (ABI) reflected a somewhat slower pace of growth in October. 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 October ABI
score was 51.6, down from a mark of 54.3 in September. This score reflects an
increase in design services (any score above 50 indicates an increase in
billings). The new projects inquiry index was 61.5, up from the reading of 58.6
the previous month.
“There continues to be a lot of uncertainty surrounding the
overall U.S. economic outlook and therefore in the demand for nonresidential
facilities, which often translates into slower progress on new building
projects,” said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. “That is
particularly true when you factor in the federal government shutdown that
delayed many projects that were in the planning or design phases.”
Key October ABI highlights:
• Regional
averages: West (55.9), South (54.4), Midwest (51.6), Northeast (49.7)
• Sector index
breakdown: multi-family residential (57.0, commercial / industrial (53.7),
mixed practice (53.2), institutional (50.2)
• Project
inquiries index: 61.5
The regional and sector categories are calculated as a
3-month moving average, whereas the index and inquiries are monthly numbers.
Read the full Press Release here…
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