Architecture firms reported a modest increase in March billings. This positive news was tempered by a slight decrease in new design contracts according to a new report released today from The American Institute of Architects (AIA). March was the first time since last September in which billings improved, according to the March 2023 AIA/Deltek Architecture Billings Index.
The billings score for March increased from 48.0 in February to 50.4 in March (any score above 50 indicates an increase in firm billings). However, firms reported that inquiries into new projects grew at a slower pace, while the value of new design contracts declined from 51.3 in February to 48.9 in March.
“In spite of the positive movement in architecture firm billings in March, core concerns remain., “said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. “Inflation still needs to ease further for interest rates to return to more normal levels, and the banking turmoil still threatens to hold back residential and commercial construction loans.”
Key ABI highlights for March include:
- Regional averages: Midwest (51.4); Northeast (49.1); South (47.4); West (47.2)
- Sector index breakdown: mixed practice (firms that do not have at least half of their billings in any one other category) (53.9); institutional (48.8); commercial/industrial (49.7); multi-family residential (44.2)
Related Stories
Office Buildings | Jul 12, 2022
Miami office tower nears completion, topping off at 55 stories
In Miami, construction of OKO Group and Cain International’s 830 Brickell office tower is nearing completion.
University Buildings | Jul 11, 2022
Student life design impacts campus wellness
As interior designers, we have the opportunity and responsibility to help students achieve deeper levels of engagement in their learning, social involvement, and personal growth on college campuses.
Museums | Jul 11, 2022
Denmark opens a museum that tells the stories of refugees worldwide
Located on the site of Denmark’s largest World War II refugee camp, the new Refugee Museum of Denmark, FLUGT, tells the stories of refugees from the camp as well as refugees worldwide.
Codes and Standards | Jul 8, 2022
Inefficient supply chains, outdated project delivery systems hamper construction investment
Constructing and justifying the cost of physical assets such as a manufacturing plant is much more difficult than it was decades ago, according to a report by Steffen Fuchs, senior partner with McKinsey & Company.
Airports | Jul 8, 2022
Phoenix Sky Harbor Airport’s new terminal prioritizes passenger experience and sustainability
McCarthy Building Companies recently completed construction of the final concourse in Terminal 4 at Phoenix Sky Harbor International Airport.
Architects | Jul 7, 2022
Page acquires AE giant EYP to form 1,300-person international design firm
The combined firm will “be able to invest in research and thought leadership to co-create with our clients,” stated Page CEO Thomas McCarthy.
Building Team | Jul 7, 2022
Report explores improving architect/contractor relationship
A new study by the American Institute of Architects and the Associated General Contractors of America focuses on improving the relationship between architects and contractors.
Airports | Jul 7, 2022
Love at first flight: The power of first impressions in airports
As architects, how we design a terminal and choreograph the passenger experience can stir up strong feelings.
Building Team | Jul 7, 2022
Amenity-rich rental property in Chicago includes seven-story atrium with vertical landscaping
The recently opened 198-unit Optima Lakeview luxury rental apartment building in Chicago is bursting with amenities such as the region’s first year-round rooftop pool, contact-free in-home package delivery, housekeeping services, on-site room service, fitness programming, and a virtual personal assistant.
Multifamily Housing | Jul 6, 2022
The power of contextual housing development
Creating urban villages and vibrant communities starts with a better understanding of place, writes LPA's Matthew Porreca.