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    Home » Trends » ABI Below 50 for 4th Consecutive Month
    Trends

    ABI Below 50 for 4th Consecutive Month

    BEX StaffBy BEX StaffDecember 22, 2023No Comments2 Mins Read
    Credit: Arizona Mirror
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    By American Institute of Architects/Deltek Architecture

    The AIA/Deltek Architecture Billings Index remained below 50 for the fourth consecutive month. The score of 43 increased by one point from October, indicating slightly fewer firms reporting a decline in billings.

    Any score below 50 indicates decreasing business conditions but there are encouraging signs of the pipeline.

    This marks the seventh month in 2023 with a decline in billings. Over the past three months the pace of this decline has accelerated, with firms in all specializations and in all regions of the country reporting weakening business conditions,” said AIA Chief Economist Kermit Baker. “However, with signs that credit conditions are beginning to ease, firms are reporting an uptick in inquiries for future projects.”

    Firms in all regions reported a decline in billings, with business conditions remaining softest at firms located in the West as the region’s billings hit a low for the year. Firms specializing in multifamily residential continue to remain the weakest and business conditions declined further at firms with institutional specialization, despite being the strongest to start 2023.

    The ABI score is a leading economic indicator of construction activity, providing an approximately nine-to-12-month glimpse into the future of nonresidential construction activity. The score is derived from a monthly survey of architecture firms that measures the change in the number of services provided to clients.

    Key ABI highlights for November include:

    • Regional averages: Northeast (44.4); Midwest (49.0); South (46.7); West (39.5)
    • Sector index breakdown: commercial/industrial (45.7); institutional (46.6); mixed practice (firms that do not have at least half of their billings in any one other category) (42.7); multifamily residential (42.1)
    • Project inquiries index: 56.9
    • Design contracts index: 48.1

    The regional and sector categories are calculated as three-month moving averages and may not always average out to the national score.

    Detailed information about this and past billing index reports is available on AIA’s website.

    AIA AIA/Deltek Architecture Billings Index American Institute of Architects billing index Kermit Baker trends
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