July Architecture Firm Billings Remain Positive Despite Growth Slowing
Architecture firm billings growth slowed again in July but remained positive overall for the tenth consecutive month, according to a new report today from The American Institute of Architects (AIA).
AIA’s Architecture Billings Index (ABI) score for July was 50.7 compared to 51.3 in June. Any score over 50 represents billings growth. While July’s ABI shows that aggregate demand for architecture firm services continues to increase, much of that growth came from one region—the South.
“Billings at architecture firms in the South remained robust in July, offsetting declining billings in other regions of the country,” said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. “Despite the dip in the overall ABI number in July, firms are still reporting a healthy increase in new projects.”
Key ABI highlights for July include:
- Regional averages: West (49.6), Midwest (49.3), South (55.2), Northeast (48.0)
- Sector index breakdown: multi-family residential (54.6), institutional (51.1), commercial/industrial (50.1), mixed practice (48.2)
- Project inquiries index: 60.5
- Design contracts index: 53.8
Regional and sector categories above are calculated as a three-month moving average, whereas the national index, design contracts, and inquiries are monthly numbers.
More information on AIA’s ABI is available online.