September’s ABI Rate Reveals Quickest Increase Since 2010October 25th, 2012 | Category: Industry News
The Architecture Billings Index (ABI) for September reveals billings at architecture companies rose at their fastest pace since late 2010 with a score of 51.6, up from the mark of 50.2 in August, according to an American Institute of Architects (AIA) release. This score displays an increase in demand for design services reports AIA. The sector index breakdown for the month showed multi-family residential at 57.3, institutional at 51.0, commercial/industrial at 48.4 and mixed practice at 47.8. Also noted in September’s ABI report was the new projects inquiry index increased from 57.2 in August to 57.3 this month.
“Going back to the third quarter of 2011, the multi-family residential sector has been the best performing segment of the construction field,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “With high foreclosure levels in recent years, more stringent mortgage approvals and fewer people in the market to buy homes there has been a surge in demand for rental housing. The upturn in residential activity will hopefully spur more nonresidential construction.”