Continuing the positive momentum of a nearly three-point bump in January, the Architecture Billings Index (ABI) reached its first positive mark since February 2020, according to a new report today from The American Institute of Architects (AIA).
AIA’s ABI score for February was 53.3 compared to 44.9 in January (any score above 50 indicates an increase in billings). February also marked the first time the design contract score rose back into positive territory since the pandemic began with a score of 51.6 compared to 48.8 in January. The new project inquiries score for February reached a 22-month high water mark with a score of 61.2 compared to 56.8 in January.
“Hopefully, this is the start of a more sustained recovery. It is possible that scores will continue to bounce above and below 50 for the next few months, as recoveries often move in fits and starts,” said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. “Beyond the encouraging billing data, architecture employment added 700 new positions in January and has now regained 45 percent of the jobs that were lost since the beginning of the pandemic.”
Key ABI highlights for February include:
• Regional averages: South (52.4); West (49.5); Midwest (49.3); Northeast (46.9)
• Sector index breakdown: mixed practice (52.5); commercial/industrial (50.5); multi-family residential (48.3); institutional (47.8)
• Project inquiries index: 61.2
• Design contracts index: 51.6
The regional and sector categories are calculated as a three-month moving average, whereas the national index, design contracts and inquiries are monthly numbers.
Visit AIA’s website for more ABI information.
Related Stories
Market Data | Dec 17, 2021
Construction jobs exceed pre-pandemic level in 18 states and D.C.
Firms struggle to find qualified workers to keep up with demand.
Market Data | Dec 15, 2021
Widespread steep increases in materials costs in November outrun prices for construction projects
Construction officials say efforts to address supply chain challenges have been insufficient.
Market Data | Dec 15, 2021
Demand for design services continues to grow
Changing conditions could be on the horizon.
Market Data | Dec 5, 2021
Construction adds 31,000 jobs in November
Gains were in all segments, but the industry will need even more workers as demand accelerates.
Market Data | Dec 5, 2021
Construction spending rebounds in October
Growth in most public and private nonresidential types is offsetting the decline in residential work.
Market Data | Dec 5, 2021
Nonresidential construction spending increases nearly 1% in October
Spending was up on a monthly basis in 13 of the 16 nonresidential subcategories.
Market Data | Nov 30, 2021
Two-thirds of metro areas add construction jobs from October 2020 to October 2021
The pandemic and supply chain woes may limit gains.
Market Data | Nov 22, 2021
Only 16 states and D.C. added construction jobs since the pandemic began
Texas, Wyoming have worst job losses since February 2020, while Utah, South Dakota add the most.
Market Data | Nov 10, 2021
Construction input prices see largest monthly increase since June
Construction input prices are 21.1% higher than in October 2020.
Market Data | Nov 9, 2021
Continued increases in construction materials prices starting to drive up price of construction projects
Supply chain and labor woes continue.