AIA: Architecture billings hit all-time low
The Business Journal of Milwaukee
The American Institute of Architects is reporting that the Architecture Billings Index, which is compiled from a monthly survey of architecture firms around the country, is at its lowest level since the survey began in 1995.
Because the survey depicts a lag of 9-12 months between architecture billings and construction spending, it is considered a leading economic indicator of construction activity.
The October rating of the report was 36.2, down from a mark of 41.4 in September. Scores above 50 indicate billing increases.
Regionally, ratings break down to: 37.4 for the Midwest, 40 for the South, 44.3 for the Northeast and 34.9 for the West.
“Until recently, the institutional sector had been somewhat insulated from the deteriorating conditions affecting the commercial and residential markets,” Kermit Baker, AIA chief economist, said in a statement. “Now we are seeing that governments and nonprofit agencies are having difficulties getting bonds approved to finance large scale education and health care facilities, furthering the weak conditions across the construction industry.”
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