ABI Slows in October, Multi-family Sector Thriving
Following three months of accelerating demand for design services, the Architecture Billings Index for October reflected a somewhat slower pace of growth, according to a Nov. 21 release from the American Institute of Architects, which compiles the ABI. The October ABI score was 51.6, down from a mark of 54.3 in September, but still indicating an increase in design services, AIA reports. The slow growth didn't reflect in the multi-family sector, however, which had a score of 57 on the ABI for October. The new projects inquiry index was 61.5, up from the reading of 58.6 the previous month.
Key October ABI highlights include:
- Regional averages: West, 55.9; South, 54.4; Midwest, 51.6; Northeast, 49.7
- Sector index breakdown: multi-family residential, 57.0; commercial / industrial, 53.7; mixed practice, 53.2; institutional, 50.2
The regional and sector categories are calculated as a three-month moving average, whereas the index and inquiries are monthly numbers.