Architecture firm billings grew in May, marking the eighth consecutive month of solid growth, according to a new report today from The American Institute of Architects (AIA).
Overall, the AIA’s Architecture Billings Index (ABI) score for May was 52.8 (any score over 50 is billings growth), which shows that demand for services from architecture firms continues to be healthy. The ABI also indicated that business conditions remain strong at firms located in the South and West, while growth in billings was modest at firms in the Northeast and Midwest.
“Architecture firms continue to have plenty of work as they enter the busiest part of the design and construction season,” said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. “This is especially true for firms serving the institutional building sector, which reported their strongest growth in billings in several years.”
The following are key ABI highlights for May:
-Regional averages: West (51.9), Midwest (50.2), South (55.0), Northeast (50.6)
-Sector index breakdown: multi-family residential (52.1), institutional (54.3), commercial/industrial (53.6), mixed practice (47.9)
-Project inquiries index: 59.3
-Design contracts index: 53.3
The 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.
Founded in 1857, AIA consistently works to create more valuable, healthy, secure, and sustainable buildings, neighborhoods, and communities. Through more than 200 international, state and local chapters, AIA advocates for public policies that promote economic vitality and public wellbeing.
AIA provides members with tools and resources to assist them in their careers and business as well as engaging civic and government leaders and the public to find solutions to pressing issues facing our communities, institutions, nation, and world. Members adhere to a code of ethics and conduct to ensure the highest professional standards.