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AIA: Construction Inquiries Show Modest Increase in December
Following a slowdown over the summer, the American Institute of Architects Architecture (AIA) Billings Index (ABI) gained slightly in December, rising to 55.4, up from 55.3 in November.
Following a slowdown over the summer, the American Institute of Architects Architecture (AIA) Billings Index (ABI) gained slightly in December, rising to 55.4, up from 55.3 in November.
As an economic indicator of construction activity, the ABI shows an approximate nine to twelve month lag time between architecture billings and construction spending. Any score above 50 indicates an increase in billings. Inquiries for new projects in December was 58.1.
According to the AIA, the stretch of 34 straight months with a positive score is the longest run in the history of the survey that began in 1995, eclipsing the positive scores that continued from April 1998 to December 2000.
“As the country braces for a possible recession in 2008, there will likely be an easing in demand for design services.” says AIA Chief Economist Kermit Baker. “While that is a natural reaction, it is important to note that with positive conditions for architecture billings going back over two years nonresidential construction is expected to one of the sources of strength in an otherwise uneven economy.”
December ABI Highlights
Regional averages: Northeast (63.6), South (57.1), Midwest (51.5), West (51.3)
Sector index breakdown: commercial / industrial (62.1), mixed practice (58.7), institutional (53.8), multi-family residential (46.2)
Billings inquiries index: 58.1
The Architecture Billings Index is derived from a monthly “Work-on-the-Boards” survey and produced by the AIA Economics & Market Research Group.
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