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The American Institute of Architects’ (AIA’s) architectural billing index (ABI) has accelerated to its highest position in nearly a year with a May score of 53.1, up from 50.6 the previous month.
ABI reflects the approximate nine- to 12-month lead time between architecture billings and construction spending. The new projects inquiry index was 60.1, which is up from 56.9 the previous month. Multi-family’s score was 53.7, institutional was 53, commercial-industrial was 51, and mixed practice was 49.9. Any score above 50 indicates an increase in billings.
“Business conditions at design firms have hovered around the breakeven rate for the better part of this year,” said AIA’s chief economist, Kermit Baker. “Demand levels are solid across the board for all project types at the moment. Of particular note, the recent surge in design activity for institutional projects could be a harbinger of a new round of growth in the broader construction industry in the months ahead.”
