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Architecture Billings Index Falls More than Six Points
Following three consecutive months of signs of greater stability in design activity, the Architecture Billings Index (ABI) dropped more than six points.
The September ABI rating was 41.4, down from the 47.6 mark in August, according to the American Institute of Architects’ (AIA) report. This is also the first time in 2008 that the institutional sector has fallen below the 50 mark.
The ABI shows an approximate nine- to 12-month lag time between architecture billings and construction spending. Any score above 50 indicates an increase in billings.
“Many architects are reporting that clients are delaying or canceling projects as a result of problems with project financing,” says Kermit Baker, AIA chief economist.
Key September ABI highlights:
Regional averages: Midwest (45.2), West (45.0), Northeast (44.2), South (44.1)
Sector index breakdown: mixed practice (45.9), institutional (45.6), commercial / industrial (42.1), multi-family residential (40.3)
Project inquiries index: 51.0