Architecture Billings Continue Growth into 2022February 25th, 2022 by Editor
The American Institute of Architects (AIA) has reported that architecture firms began 2022 with a slight improvement in business conditions.
AIA’s Architecture Billings Index (ABI) score for January was 51.0. Scores over 50 indicate billings growth.
Inquiries into new work and the value of new design contracts both remained strong with scores of 61.9 and 56.1 respectively.
“Architecture billings, while remaining at very healthy levels in recent months, have slowed considerably from the middle of last year,” said AIA chief economist, Kermit Baker, Hon. AIA, PhD. “This no doubt reflects delays in the construction sector caused by supply challenges for both labor and materials, as well as ongoing staffing constraints at architecture firms.”
The January ABI reflected regional averages of 61.2 in the South; 51.5 in the Midwest; 47.6 in the West; and 46.8 in the Northeast. A sector index breakdown has mixed practices at 59.3; commercial/industrial at 54.2; multi-family residential at 50.1; and institutional building came in at 47.3.
The regional and sector categories are calculated as a three-month moving average, whereas the national index, design contracts and inquiries are monthly numbers.
Visit AIA’s website for more ABI information.