Billings Surge In March

April 22, 2022

Billings Surge In March

The Architecture Billings Index score for March was 58.0, gaining 6.7 points from the February register of 51.3. The Project Inquiries index was 63.9, up from 62.5. The Design Contracts index scored 60.5, up from 55.2.

“The spike in firm billings in March may reflect a desire to beat the continued interest rate hikes expected in the coming months,” said AIA Chief Economist Kermit Baker, PhD, Hon. AIA.

Regional averages for March, 2022:

Feb Mar
West 47.9 54.0
South 58.6 57.2
Midwest 53.2 56.2
Northeast 44.3 46.3

Sector index breakdown for March, 2022:

Feb Mar
Commercial/industrial 55.4 55.3
Mixed practice 53.8 58.2
Multi-family residential 52.6 57.2
Institutional 47.2 50.5

Baker continued, “However, since project backlogs at architecture firms have reached seven months, a new all-time high, it appears that firms are having a difficult time keeping up with this uptick in demand for design services.”

For more information about the Architectural Billings Index, visit the AIA website.