ABI sees strongest growth since November 2007
As the prognosis for the design and construction industry continues to improve, the Architecture Billings Index is reflecting its strongest growth since November 2007, according to the American Institute of Architects. The January ABI score was 54.2, up sharply from a mark of 51.2 in December.
“We have been pointing in this direction for the last several months, but this is the strongest indication that there will be an upturn in construction activity in the coming months,” said AIA Chief Economist, Kermit Baker, in a release. “But as we continue to hear about overall improving economic conditions and that there are more inquiries for new design projects in the marketplace, a continued reservation by lending institutions to supply financing for construction projects is preventing a more widespread recovery in the industry.”
The Midwest region posted the highest score of 54.4, followed by the West at 53.4, the South at 51.7 and the Northeast at 50.3. The mixed practice building sector saw the most growth by segment, followed by multi-family residential, commercial / industrial and institutional, according to the AIA.