Led by the commercial sector, the Architecture Billings Index (ABI) has remained in positive territory four months in a row. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lag time between architecture billings and construction spending.
The American Institute of Architects (AIA) reported the February ABI score was 51.0, following a mark of 50.9 in January. This score reflects a slight increase in demand for design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 63.4, up from mark of 61.2 the previous month and its highest reading since July 2007.
“This is more good news for the design and construction industry that continues to see improving business conditions,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “The factors that are preventing a more accelerated recovery are persistent caution from clients to move ahead with new projects, and a continued difficulty in accessing financing for projects that developers have decided to pursue.”
Key February ABI highlights:
- Regional averages: Midwest (56.0), South (51.3), Northeast (51.0), West (45.6)
- Sector index breakdown: commercial / industrial (55.1), multi-family residential (53.3), institutional (50.3), mixed practice (46.3)
- Project inquiries index: 63.4
The regional and sector categories are calculated as a 3-month moving average, whereas the index and inquiries are monthly numbers. BD+C
Related Stories
Multifamily Housing | May 10, 2022
Multifamily rents up 14.3% in 2022
The average U.S. asking rent for multifamily housing increased $15 in April to an all-time high of $1,659, according to Yardi Matrix.
Headquarters | May 10, 2022
JPMorgan Chase’s new all-electric headquarters to have net-zero operational emissions
JPMorgan Chase’s recently unveiled plans for its new global headquarters building in New York City that is rife with impressive sustainability credentials.
Building Team | May 9, 2022
Cincinnati’s Andrew J Brady Music Center transforms the city’s riverfront
In Cincinnati, Ohio, the Andrew J Brady Music Center aims to connect audiences with live music while transforming Cincinnati’s riverfront.
Sponsored | Multifamily Housing | May 8, 2022
Choosing the right paver system for rooftop amenity spaces
This AIA course by Hoffmann Architects offers best practices for choosing the right paver system for rooftop amenity spaces in multifamily buildings.
Market Data | May 6, 2022
Nonresidential construction spending down 1% in March
National nonresidential construction spending was down 0.8% in March, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau.
Building Team | May 6, 2022
Atlanta’s largest adaptive reuse project features cross laminated timber
Global real estate investment and management firm Jamestown recently started construction on more than 700,000 sf of new live, work, and shop space at Ponce City Market.
Sponsored | BD+C University Course | May 5, 2022
Designing with architectural insulated metal wall panels
Insulated metal wall panels (IMPs) offer a sleek, modern, and lightweight envelope system that is highly customizable. This continuing education course explores the characteristics of insulated metal wall panels, including how they can offer a six-in-one design solution. Discussions also include design options, installation processes, code compliance, sustainability, and available warranties.
Higher Education | May 5, 2022
To keep pace with demand, higher ed will have to add 45,000 beds by year-end
The higher education residential sector will have to add 45,000 beds by the end of 2022 to keep pace with demand, according to a report by Humphreys & Partners Architects.
Multifamily Housing | May 5, 2022
An Austin firm touts design and communal spaces in its student housing projects
Rhode Partners has multiple towers in various development stages.
Legislation | May 4, 2022
Washington is first state to mandate all-electric heat for new large buildings
Washington recently became the first state to require all electric heat for new buildings.