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
Office Buildings | Oct 19, 2023
Proportion of workforce based at home drops to lowest level since pandemic began
The proportion of the U.S. workforce working remotely has dropped considerably since the start of the Covid 19 pandemic, but office vacancy rates continue to rise. Fewer than 26% of households have someone who worked remotely at least one day a week, down sharply from 39% in early 2021, according to the latest Census Bureau Household Pulse Surveys.
Luxury Residential | Oct 18, 2023
One Chicago wins 2023 International Architecture Award
One Chicago, a two-tower luxury residential and mixed-use complex completed last year, has won the 2023 International Architecture Award. The project was led by JDL Development and designed in partnership between architecture firms Goettsch Partners and Hartshorne Plunkard Architecture.
Giants 400 | Oct 17, 2023
Top 130 Sports Facility Architecture Firms for 2023
Populous, Gensler, HOK, and HKS head BD+C's ranking of the nation's largest sports facility architecture and architecture/engineering (AE) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report.
Office Buildings | Oct 16, 2023
The impact of office-to-residential conversion on downtown areas
Gensler's Duanne Render looks at the incentives that could bring more office-to-residential conversions to life.
Giants 400 | Oct 11, 2023
Top 100 Industrial Sector Architecture Firms for 2023
Ware Malcomb, Arcadis, Stantec, and Gresham Smith top the ranking of the nation's largest industrial facility sector architecture and architecture/engineering (AE) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report.
Products and Materials | Oct 10, 2023
‘Works with WELL’ product licensing program launched by International WELL Building Institute
The International WELL Building Institute (IWBI) recently launched the Works with WELL product licensing program. Works with Well certification allows manufacturers to demonstrate that their products align with WELL strategies.
Mass Timber | Oct 10, 2023
New York City launches Mass Timber Studio to spur more wood construction
New York City Economic Development Corporation (NYCEDC) recently launched New York City Mass Timber Studio, “a technical assistance program to support active mass timber development projects in the early phases of project planning and design.”
Government Buildings | Oct 10, 2023
GSA names Elliot Doomes Public Buildings Service Commissioner
The U.S. General Services Administration (GSA) announced that the agency’s Public Buildings Service Commissioner Nina Albert will depart on Oct. 13 and that Elliot Doomes will succeed her.
Esports Arenas | Oct 10, 2023
Modular esports arena attracts more than gamers
As the esports market continues to grow to unprecedented numbers, more facilities are being developed by universities and real estate firms each year.
Higher Education | Oct 10, 2023
Tracking the carbon footprint of higher education campuses in the era of online learning
With more effective use of their facilities, streamlining of administration, and thoughtful adoption of high-quality online learning, colleges and universities can raise enrollment by at least 30%, reducing their carbon footprint per student by 11% and lowering their cost per student by 15% with the same level of instruction and better student support.