Architecture Firm Billings Decline for January at Slower Pace
While architecture firm billings declined for the fourth consecutive month in January, the pace of the decline continued to slow. The Architecture Billings Index (ABI) score of 49.3 for the month indicates that fewer firms reported softening conditions this month than in December. In addition, inquiries into new projects and the value of new design contracts both strengthened in January, as firms reported an uptick of interest in new projects.
Regions report slight increase
In addition, firms in nearly all regions of the country reported a slight uptick in billings, with only firms located in the South continuing to experience a decline in January. Business conditions were soft at most firm specializations, though, as only those firms with a mixed specialization, meaning that they do not have 50 percent or more of their annual billings from any of the one other categories (multifamily residential, commercial/industrial, institutional), reported growth for the third month in a row.