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 National Association of Home Builders, confidence in the U.S. multifamily housing market remained positive in the first quarter of 2018. The MPI remained unchanged from last quarter, coming in at a reading of 53, while the MVI remained essentially unchanged at 42.
The National Association of Home Builders' Remodeling Market Index posted a reading of 57 in the first quarter of 2018, down three points from the previous quarter and back to the same level as the third quarter of 2017.
Based on new construction employment analysis from the National Association of Home Builders, over 9.8 million people worked in the U.S. construction industry in 2016, and more than 3.8 million of them worked in residential construction.