Demand for design services in March expanded sharply from February according to a new report today from The American Institute of Architects (AIA).
AIA’s Architecture Billings Index (ABI) score for March was 58.0, up from a score of 51.3 in February. Any score above 50 indicates an increase in billings. During March, scoring for both new project inquiries and design contracts expanded, posting scores of 63.9 and 60.5, respectively.
“The spike in firm billings in March may reflect a desire to beat the continued interest rate hikes expected in the coming months,” said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. “However, since project backlogs at architecture firms have reached seven months, a new all-time high, it appears that firms are having a difficult time keeping up with this uptick in demand for design services.”
Key ABI highlights for March include:
- Regional averages: South (57.2); Midwest (56.2); West (54.0); Northeast (46.3)
- Sector index breakdown: mixed practice (58.2); multi-family residential (57.2); commercial/industrial (55.3); institutional (50.5)
- The regional and sector categories are calculated as a three-month moving average, whereas the national index, design contracts and inquiries are monthly numbers.
Related Stories
Market Data | Aug 13, 2020
5 must reads for the AEC industry today: August 13, 2020
Apple Central World opens in Bangkok and 7-Eleven to buy Speedway.
Market Data | Aug 12, 2020
6 must reads for the AEC industry today: August 12, 2020
UC Davis's new dining commons and the pandemic is revolutionizing healthcare benefits.
Market Data | Aug 11, 2020
6 must reads for the AEC industry today: August 11, 2020
Elevators can be a 100% touch-free experience and the construction industry adds 20,000 employees in July.
Market Data | Aug 10, 2020
Dodge Momentum Index increases in July
This month’s increase in the Dodge Momentum Index was the first in all of 2020.
Market Data | Aug 10, 2020
Construction industry adds 20,000 employees in July but nonresidential employment dips
Association warns skid will worsen without new relief.
Market Data | Aug 10, 2020
5 must reads for the AEC industry today: August 10, 2020
Private student housing owners reap the benefits as campus housing de-densifies and race for COVID vaccine boosts real estate in life sciences hubs.
Market Data | Aug 7, 2020
6 must reads for the AEC industry today: August 7, 2020
BD+C's 2020 Color Trends Report and HMC releases COVID-19 Campus Reboot Guide for Prek-12 schools.
Market Data | Aug 6, 2020
6 must reads for the AEC industry today: August 6, 2020
Oklahoma State's new North Academic Building and can smart buildings outsmart coronavirus?
Market Data | Aug 5, 2020
6 must reads for the AEC industry today: August 5, 2020
San Jose's new tallest tower and Virginia is the first state to adopt COVID-19 worker safety rules.
Market Data | Aug 4, 2020
7 must reads for the AEC industry today: August 4, 2020
Construction spending decreases for fourth consecutive month and 100% affordable housing development breaks ground in Mountain View.