Billings at architecture firms in September increased at their fastest pace since late 2010
Billings at architecture firms in September increased at their fastest pace since late 2010, according to the most recent Architecture Billings Index. The American Institute of Architects reported the September ABI score was 51.6, up from the mark of 50.2 in August.
“Going back to the third quarter of 2011, the multi-family residential sector has been the best performing segment of the construction field,” said AIA Chief Economist Kermit Baker, in an October 24 release. “With high foreclosure levels in recent years, more stringent mortgage approvals and fewer people in the market to buy homes, there has been a surge in demand for rental housing. The upturn in residential activity will hopefully spur more nonresidential construction.”
The West posted the highest score in September at 53.4, followed by the South at 51.9, the Northeast at 49.5 and the Midwest at 47.2. Multi-family residential construction saw the most activity (57.3), followed by institutional (51.0), commercial / industrial (48.4), and mixed practice (47.8), according to the release.
• Project inquiries index: 57.3
The regional and sector categories are calculated as a 3-month moving average, whereas the index and inquiries are monthly numbers.