ABI drops sharply in May
The Architecture Billings Index dropped sharply in May to 45.8, following a mark of 48.4 in April, according to a June 20 release from the American Institute of Architects.
“For the second year in a row, we’re seeing declines in springtime design activity after a healthy first quarter. Given the ongoing uncertainly in the economic outlook, particularly the weak job growth numbers in recent months, this should be an alarm bell going off for the design and construction industry,” said AIA Chief Economist Kermit Baker, in the release.
“The commercial/industrial sector is the only one recording gains in design activity at present, and even this sector has slowed significantly. Construction forecasters will have to reassess what conditions will look like moving forward,” he said.