After a sharp dip in September, the Architecture Billings Index (ABI) climbed nearly three points in October. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lag time between architecture billings and construction spending. The American Institute of Architects (AIA) reported the October ABI score was 49.4, following a score of 46.9 in September. This score reflects an overall decrease in demand for design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 57.3, up from a reading of 54.3 the previous month.
Key October ABI highlights:
- Regional averages: Northeast 51.7, South 49.1, Midwest 47.7, West 43.5
- Sector index breakdown: commercial / industrial 53.5, multi-family residential 51.3,institutional 47.3, mixed practice 42.0
- Project inquiries index: 57.3
