(Reuters) - The Architecture Billings Index, an indicator
of U.S. non-residential building activity, fell slightly in October, the
American Institute of Architects (AIA) said on Wednesday.
The index fell to 53.7 in October from 55.2 in September.
A reading above 50 indicates an increase in billings.
The index, based on a survey of U.S. architects, reflects
the roughly nine to 12 months between architecture billings and construction
spending.
The AIA said it added a new indicator to measure trends
in new design contracts at architecture firms. The score for design contracts
in October was 56.4.
AIA Chief Economist Kermit Baker said there is some
momentum developing in design activity for nonprofits and municipal
governments. "It will be interesting to see if and how the results of the
mid-term Congressional and gubernatorial elections impact this developing
momentum," he said.
Industrial companies and their investors track the
monthly index as an indicator of future demand for machinery and components
used to construct buildings.
The new projects inquiry index fell to 62.7 in October
from 64.8 in September.
Source: Reuters
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