Billings Drop in In October
November 21, 2022
Billings Drop in In October
The Architecture Billings Index score for October was 47.7, dropping 4 points from the September score of 51.7. The new Project Inquiries index was 52.3, gaining from last month. The Design Contracts index dropped to 48.6. Scores above 50 indicate increased demand for design services.
“Economic headwinds have been steadily mounting, and finally led to weakening demand for new projects,” said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD.
Regional averages for October, 2022:
| September | October | |
| West | 51.6 | 49.6 |
| South | 51.7 | 50.6 |
| Midwest | 52.1 | 50.8 |
| Northeast | 54.6 | 50.3 |
Sector index breakdown for October, 2022:
| September | October | |
| Commercial/industrial | 49.6 | 45.9 |
| Mixed practice | 50.3 | 50.8 |
| Multi-family residential | 47.9 | 46.1 |
| Institutional | 58.9 | 54.3 |
Baker continued, “Firm backlogs are healthy and will hopefully provide healthy levels of design activity against fewer new projects entering the pipeline should this weakness persist.”
For more information about the Architectural Billings Index, visit the AIA website.