The July Architecture Billings Index (ABI) has jumped to 52.7, up more than one full point from June's 51.6, indicating "acceleration in the growth of design activity nationally." As any score above 50 indicates an increase in billings, July's score reflects an increase in demand for design services; this increase was seen most dramatically in the area of new projects, which jumped from 62.6 in June to 66.7 in July.
Despite the optimistic results, AIA Chief Economist, Kermit Baker, noted the uneven nature of the growth, and warned that "it is premature to declare the entire sector has entered an expansion phase.”
More statistics from July's ABI, after the break...
Key July ABI Highlights
- Regional averages: Northeast (54.3), South (54.2), West (51.1), Midwest (50.8)
- Sector index breakdown: mixed practice (56.9), commercial / industrial (54.2), multi-family residential (53.3), institutional (50.6)
- Project inquiries index: 66.4