The Architecture Billings Index (ABI) report is back and it’s ready to party so drop that Monday morning cup of coffee and take a sip of the hot data the AIA is serving up. Last month, while we were all just going about our everyday lives, the ABI was soaring to new heights. Any score above a 50 indicates an increase in billings, but the ABI wasn’t satisfied with playing it safe. No, it went all the way to 55.2. Sure, it’s not the 55.8 that got the world talking in July, but it’s still good news and better than August’s 53.0, am I right? There’s more.
BILLINGS BY SECTOR: RESIDENTIAL (ORANGE), COMMERCIAL/INDUSTRIAL (BLUE), INSTITUTIONAL (RED), MIXED-USE (GREEN).
The New Projects Inquiry, presumably not wanting to be upstaged by the big kid on campus, did some work of its own and leaped from 62.6 to 64.8. As for the Design Contracts Index, it ticked down from 56.9 to 56.8. Get better soon, Design Contracts Index. We’re pulling for you.
“Strong demand for apartment buildings and condominiums has been one of the main drivers in helping to keep the design and construction market afloat in recent years,” said AIA Chief Economist Kermit Baker in a statement. “There continues to be a healthy market for those types of design projects, but the recently resurgent Institutional sector is leading to broader growth for the entire construction industry.”
So how did it all shake out? By region the South performed best with a 55.3 followed by the Midwest at 55.1. The West kept it cool with a 54.2, and the Northeast plunged but played it safe at 51.0.
Over on the sector side of things, multi-family residential had the strongest month with a 55.3. Institutional wasn’t too far behind at 54.9 and was followed by mixed practice at 53.8. Industrial kept us on the edge of our seats with a nail-bitingly close 50.8. Before we leave you today, let’s just check in on the Projects Inquiry Index. Last time was at 62.6. Where did things stand one month later? 64.8.BILLINGS BY REGION: NORTHEAST (ORANGE), MIDWEST (BLUE), SOUTH (RED), WEST (GREEN).