Architectural Billings Index Shows Year’s First Decline
May 22, 2013
For the first time in nine months, architecture billings showed a decrease in April — the lowest score since July 2012, according to the Architectural Billings Index compiled by the American Institute of Architects.
AIA Chief Economist Kermit Baker attributed the decrease to delays in project approvals and difficulties finding financing for real estate projects.
“There are other challenges that have prevented a broader recovery that we will examine in the coming months if this negative trajectory continues,” Baker said. “However, given that inquiries for new projects continue to be strong, we’re hopeful that this is just a short-term dip.”
The ABI is a leading economic indicator for construction: It takes approximately nine months to a year between architecture billings and construction spending.
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