ABI falls at steepest rate in 18 months
The Architecture Billings Index fell by more than a point in July, posting a score of 45.1 compared to 46.3 the previous month: the steepest decline in billings since February 2010, according to an Aug. 17 release from the American Institute of Architects. The score reflects a continued decrease in demand for design services; any score above 50 indicates an increase in billings.
"Business conditions for architecture firms have turned down sharply," said AIA Chief Economist, Kermit Baker, in the release. "Late last year and in the first couple of months of this year, there was a sense that we were slowly pulling out of the downturn, but now the concern is that we haven't yet reached the bottom of the cycle. Current high levels of uncertainty in the economy don't point to an immediate turnaround."