After a minor dip in January, the Architectural Billing Index (ABI) is back up to a 50.3 in February. Any score above 50 indicates an increase in architectural firms’ billing activity as compared to the prior month. In January, a slight dip was reported with a score of 49.6.
The multi-family and commercial/industrial sectors saw the largest increases with scores of 53.0 and 52.3 respectively. These scores show promise for new construction projects in the coming months. Also noteworthy is a score of 59.5 for project inquiries.
The ABI is an indicator of future construction spending, with about an eleven-month lead time. The American Institute of Architects (AIA) uses data from monthly surveys to derive the ABI scores. Scores are released on a monthly basis as a gage on how much work is being billed by architects and therefore predicts future construction projects within the next year.
See AIA’s full report here.
Related: Construction Labor Shortage