Billings Decline In November
December 15, 2022
Billings Decline in In November
The Architecture Billings Index score for November was 46.6, dropping 1.1 point from the October score of 47.7. The new Project Inquiries index was 52.0, dropping from last month while remaining positive (scores of 50+ indicate increased demand for design services). The Design Contracts index remained in the negative from last month with a score of 46.9.
“Given the slowdown in new project work, many architecture firms will rely on their near record levels of backlogs to support revenue,” said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD.
Regional averages for November, 2022:
Sector index breakdown for November, 2022:
Baker continued, “Still, firm leaders remain largely optimistic about future business trends. Almost two-thirds of architecture firms project that 2023 will be either a good year or great year for their firm.”
For more information about the Architectural Billings Index, visit the AIA website.