According to the American Institute of Architects, architecture firm billings grew in May 2018, marking the eighth consecutive month of solid growth.
Overall, the AIA's Architecture Billings Index (ABI) score for May was 52.8 (any score over 50 is billings growth), which shows that demand for services from architecture firms continues to be healthy. The ABI also indicated that business conditions remain strong at firms located in the South and West, while growth in billings was modest at firms in the Northeast and Midwest.
"Architecture firms continue to have plenty of work as they enter the busiest part of the design and construction season," said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. "This is especially true for firms serving the institutional building sector, which reported their strongest growth in billings in several years."
The following are key ABI highlights for May 2018:
Regional averages: West (51.9), Midwest (50.2), South (55.0), Northeast (50.6)
Sector index breakdown: multi-family residential (52.1), institutional (54.3), commercial/industrial (53.6), mixed practice (47.9)
According to data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, U.S. sales of newly built, single-family homes fell to a seasonally adjusted annual rate of 553,000 units after downwardly revised August, July and June reports.
According to Freddie Mac's July 2018 Housing Forecast, exceptionally low housing supply and weaker affordability slowed the housing market in the first half of 2018, but total sales activity should still slightly top year-ago levels.