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.