According to a new report released by the American Institute of Architects, architecture firm billings growth slowed in September 2018 but remained positive for the twelfth consecutive month.
AIA's Architecture Billings Index (ABI) score for September was 51.1 compared to 54.2 in August 2018. However, continued strength in new projects coming into architecture firms points to billings growth in the coming months.
"Similar to the strong conditions we've seen nationally, architecture firms located in the Midwest and Southern regions of the country continued to report very strong billings in September," said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. "However, billings were soft at firms located in the Northeast again, where they have declined or been flat for the entire year so far."
Key ABI highlights for September
Regional averages: Midwest (59.7), South (54.1), West (53.1), Northeast (46.6)
Sector index breakdown: institutional (55.1), multi-family residential (54.9), mixed practice (53.4), commercial/industrial (50.8)
U.S. mortgage applications for new home purchases increased 8.2 percent compared to September 2017. Compared to August 2018, applications decreased by 9 percent. This change does not include any adjustment for typical seasonal patterns.
According to the Mortgage Bankers Association's most recent Weekly Mortgage Applications Survey for the week ending September 28, 2018, U.S. mortgage applications remained unchanged from one week earlier.