Architecture firm billings growth softened in February but remained positive, according to a report from the American Institute of Architects (AIA).
The AIA Architecture Billings Index (ABI) score for February was 50.3, down from 55.3 in January. Indicators of work in the pipeline, including inquiries into new projects and the value of new design contracts remained positive.
“Overall business conditions at architecture firms across the country have remained generally healthy,” says AIA Chief Economist Kermit Baker, Hon. AIA, PhD. “Firms in the south recorded continued strong design activity, likely reflecting a healthy regional economy and ongoing rebuilding from the catastrophic 2018 hurricane season.”
Key ABI highlights for February:
- Regional averages: South (58.3), West (51.6), Northeast (51.5), Midwest (51.3)
- Sector index breakdown: mixed practice (57.2), commercial/industrial (53.9), multi-family residential (51.6), institutional (50.9)
- Project inquiries index: 59.8
- Design contracts index: 53.1
Regional and sector categories above are calculated as a three-month moving average, whereas the national index, design contracts, and inquiries are monthly numbers.