by Jonathan McGaha | July 31, 2008 12:00 am
The American Institute of Architects, Washington, D.C., reports that the Architecture Billings Index has rebounded almost three points in June, after dropping two points in May. Despite the rebound, the index is still below the 50 threshold for the fifth straight month. The index, considered a leading economic indicator of construction activity, indicates that business levels at architecture firms continue to suffer. The AIA reported the June rating was 46.1, up from the 43.4 mark in May. The inquiries for new projects score was 51.8. “Very recently, the Midwest has been showing the best regional conditions,” said AIA’s Chief Economist Kermit Baker, Ph.D., Hon. AIA. “But otherwise, these numbers are a continuation of weak conditions in the nonresidential construction sector. Given that inquiries for new project work have not seen much improvement, it’s likely we are several months away from a turnaround.” June index highlights
• Regional averages: Midwest (51.8), South (49.9), Northeast (40.7), West (36.1)
• Sector index breakdown: institutional (51.6), commercial/industrial (45.8), mixed practice (44.1), multi-family residential (37.9)
• Project inquiries index: 51.8
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