For the eighth consecutive month, the AIA/Deltek architectural billings index reports an economic downturn, with the pace of decline accelerating in the past four months.
The AIA reports a drop in business conditions across all regions and building sectors for the fourth consecutive month, but the economic forecast is optimistic.
In October, the Architectural Billings Index reported a drop in business conditions across all regions and building sectors for the third consecutive month.
While the economic climate for architecture firms is showing promising growth on the national level, billings continue to decline in both the West and Northeast.
High construction costs and interest rates have negatively impacted design activity, reflecting fears of economic downturn; design inquiries, however, show an upward trend.
