ABI Down But Still Positive
August 19, 2021
Design Demand Continues
The Architecture Billings Index score for July was 54.6, dropping 2.5 points from the June reading of 57.1, though still showing an increase in billings as indicated by any score above 50.
“In prior business cycles, architecture firms generally saw their project work soften quickly and then recover slowly,” said AIA Chief Economist Kermit Baker, PhD, Hon. AIA.
In July the Project Inquiries index dropped to 65.0 yet remained close to its all-time high. The Design Contracts index was essentially flat between June and July at 58.0.
Regional averages for July saw gains excepting the Northeast:
Baker continued, “So the strength of this recovery is unprecedented. Firm leaders who have leaned into this economic upturn by reinvesting in their firms by hiring staff and upgrading their technology, will likely have a better year than those that anticipated a slower recovery.”
Visit AIA’s website for more ABI information.