ABI Reverses Course in April
The Architecture Billings Index reversed course in April, posting a score of 48.6, down from a mark of 51.9 in March, according to the American Institute of Architects. “Project approval delays are having an adverse effect on the design and construction industry, but again and again, we are hearing that it is extremely difficult to obtain financing to move forward on real estate projects,” said AIA Chief Economist Kermit Baker, in a release. “There are other challenges that have prevented a broader recovery that we will examine in the coming months if this negative trajectory continues. However, given that inquiries for new projects continue to be strong, we’re hopeful that this is just a short-term dip.”
In April, the South led the way in terms of activity, posting a score of 52.6, followed by the West at 50.7, the Midwest at 49.4 and the Northeast at 48.2.