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 the Mortgage Bankers Association's latest Commercial/Multifamily Delinquency Report, commercial and multifamily mortgage delinquencies in the U.S. remained at a low rate in the final three months of 2018.
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending March 1, 2019, mortgage applications in the U.S. decreased 2.5 percent from one week earlier.
Sales of new homes in all four major U.S. regions significantly declined in the last two months of 2018. The year-over-year trend was especially drastic in the Northeast, where new-home sales fell by 16.1 percent in December.
According to the National Association of Realtors, Existing-home sales in the U.S. increased in November 2018 for the second month in a row. Three of four major U.S. regions also saw gains in sales activity last month.
According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index released this week, a modest increase in interest rates and home prices kept housing affordability at a 10-year low in the third quarter of 2018.