It seems that the billings index has bounced back a bit from its sharp drop in September. A month ago, the ABI measured 46.9 – a score nearly 5 points lower than August – yet, this month, the AIA has reported the October ABI at 49.4 While the score shows a positive leap forward since September, any billings index below 50 still reflects a negative showing. However, the new projects inquiry index seems to be this month’s silver lining as it jumped to 57.3 for October.
Check out the regional breakdown after the break.
The Northeast led the regional averages with a score of 51.7 (and, is the only area to break 50 this month), followed by the South at 49.1, Midwest 47.7, and the West at 43.5. In terms of sectors, commercial / industrial projects measured 53.5 followed by multi-family residential at 51.3
“An increase in the billings index is always an encouraging sign,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “We’re seeing some regions and some construction sectors move into positive territory. But there continues to be a high level of volatility in the marketplace with architecture firms reporting a wide range of conditions from improving to uncertain to poor. It’s likely we will see a similar state of affairs in the coming months.”