August continued the prolonged stretch of declining architecture billings at architecture firms, marking the 19th consecutive month of decline. AIA/Deltek reported an Architecture Billings Index (ABI) score of 45.7 (any score below 50.0 indicates decreasing business conditions), a decrease of July's score of 48.2, indicating an accelerated pace of decline. While all regions and sectors reported soft business conditions, an upward tick in new project inquiries continued.
Image courtesy American Institute of Architects/Deltek
“Unfortunately, even the impending interest rate cuts didn’t move the needle on project inquiries or new design contracts at architecture firms,” said AIA chief economist Kermit Baker. "Hopefully, once the trajectory of further cuts gets clarified, delayed projects will restart, and new projects will gather momentum.”
Image courtesy American Institute of Architects/Deltek
Compare recent ABI scores with the interactive graph below.
