The American Institute of Architects (AIA) has reported that the Architecture Billings Index (ABI) was positive in June for the fifth consecutive month. The June ABI score was 52.6, down from 53.1 the previous month, but still reflects an increase in design services, as any score above 50 indicates an increase in billings. The new projects inquiry index was 58.6, down from 60.1 the previous month.
“Demand for residential projects has surged this year, greatly exceeding the pace set in 2015. This suggests strong future growth for housing in the coming year,” said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. “While we expect to see a momentum continue for the overall design and construction industry in the months ahead, the fact that the value of design contracts dipped into negative territory in June for the first time in more than two years is something of a concern.”