ABI Falls in March after Two-month Recovery
April 28, 2014
Following a modest two-month recovery in the level of demand for design services, the Architecture Billings Index again turned negative last month, as the score slipped from 50.7 in February to 48.8 in March, according to the American Institute of Architects' latest release. The new projects inquiry index was 57.9, up from the reading of 56.8 the previous month. With this release, the AIA added its indicator measuring trends in design contracts, with a March score of 48.2.
“This protracted softening in demand for design services is a bit of a surprise given the overall strength of the market the last year and a half,” said Kermit Baker, AIA chief economist. “Hopefully, some of this can be attributed to severe weather conditions over this past winter. We will have a better sense if there is a reason for more serious concern over the next couple of months.”