ABI Rebounds in May, but Marketplace Uncertainty Remains
The Architecture Billings Index bounced back in May, posting a score of 52.9, up dramatically from a mark of 48.6 in April.
“This rebound is a good sign for the design and construction industry, and hopefully means that April’s negative dip was a blip rather than a sign of challenging times to come,” said AIA Chief Economist, Kermit Baker, in a release. “But there is a resounding sense of uncertainty in the marketplace – from clients to investors and an overall lack of confidence in the general economy – that is continuing to act as a governor on the business development engine for architecture firms.”
The Northeast posted the highest score in May, at 53.7; followed by the West at 52.1; the South at 50.9; and the Midwest at 47.5. Multi-family residential continued lead the way in terms of project segment, followed by institutional, mixed practice and commercial/industrial.