The AIA/Deltek Architecture Billings Index (ABI) recorded a score of 43.6 for March, indicating a decline in billings and a further softening of business conditions for architecture firms. This marks the 14th consecutive month of decreasing billings as firms continue to struggle with challenges such as inflation, supply chain disruptions, and other economic obstacles.
Kermit Baker, chief economist at AIA, stated that the combination of rising construction costs and high interest rates is discouraging new project activity within the industry. However, he mentioned that institutional design work has shown signs of stabilization, providing a stable foundation for the profession while waiting for more favorable economic conditions for construction to improve.
The decline in billings was observed across all regions of the United States, with the Midwest and South experiencing the weakest business conditions in March. Firms specializing in different areas also reported a decrease in billings, with those focusing on commercial and industrial projects experiencing a sharper decline.
For a visual representation of recent ABI scores, you can refer to the interactive graph below:
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