After starting out the year on a positive note, there was another minor increase in the Architecture Billings Index (ABI) last month.
As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lead time between architecture billings and construction spending. The American Institute of Architects (AIA) reported that the February ABI score was 50.7, up slightly from a mark of 50.4 in January.
This score reflects an increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 56.8, down from the reading of 58.5 the previous month.
“The unusually severe weather conditions in many parts of the country have obviously held back both design and construction activity,” said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. “The March and April readings will likely be a better indication of the underlying health of the design and construction markets. We are hearing reports of projects that had been previously shelved for extended periods of time coming back online as the economy improves.”
Key February ABI highlights:
- Regional averages: South (52.8),West (50.5), Northeast (48.3), Midwest (47.6)
- Sector index breakdown: multi-family residential (52.5), commercial / industrial (51.9), institutional (49.6), mixed practice (46.6)
- Project inquiries index: 56.8
The regional and sector categories are calculated as a 3-month moving average, whereas the national index and inquiries are monthly numbers.
Related Stories
| May 15, 2014
Biking to work up by 60 percent, according to Census Bureau report
Many U.S. cities are seeing an increase in bicycle commuters, according to new a U.S. Census Bureau report. While bicyclists still account for just 0.6% of all commuters, some of the nation's largest cities have more than doubled their rates since 2000.
| May 15, 2014
'Virtually indestructible': Utah architect applies thin-shell dome concept for safer schools
At $94 a square foot and "virtually indestructible," some school districts in Utah are opting to build concrete dome schools in lieu of traditional structures.
| May 15, 2014
First look: 9/11 Memorial Museum opens to first-responders, survivors, 9/11 families [slideshow]
The 110,000-sf museum is filled with monumental artifacts from the tragedy and exhibits that honor the lives of every victim of the 2001 and 1993 attacks.
| May 14, 2014
New study shows employees aren't happier working in green buildings
People working in buildings certified under LEED’s green building standard appear no more satisfied with their workplace environments than those in conventional buildings, according to new research from the University of California, Berkeley, and the University of Nottingham.
| May 14, 2014
Construction growth looking up: Gilbane Spring 2014 Economic Report
Construction spending for 2014 should finish 6.6% higher than in 2013, with nonresidential work contributing substantially.
| May 14, 2014
Prefab payback: Mortenson quantifies cost and schedule savings from prefabrication techniques
Value-based cost-benefit analysis of prefab approaches on the firm's 360-bed Exempla Saint Joseph Heritage Project shows significant savings for the Building Team.
| May 13, 2014
First look: Nadel's $1.5 billion Dalian, China, Sports Center
In addition to five major sports venues, the Dalian Sports Center includes a 30-story, 440-room, 5-star Kempinski full-service hotel and conference center and a 40,500-square-meter athletes’ training facility and office building.
| May 13, 2014
Drexel University case study report: Green Globes cheaper, faster than LEED
GBI’s Green Globes certification process is significantly less expensive to conduct and faster to complete than LEED certification, says Drexel prof.
| May 13, 2014
Steven Holl's sculptural Institute for Contemporary Art set to break ground at VCU
The facility will have two entrances—one facing the city of Richmond, Va., the other toward VCU's campus—to serve as a connection between "town and gown."
| May 13, 2014
Universities embrace creative finance strategies
After Moody’s and other credit ratings agencies tightened their standards a few years ago, universities had to become much more disciplined about their financing mechanisms.
