According to a new report from the American Institute of Architects (AIA), U.S. architecture firm billings growth slowed again in July 2018 but remained positive overall for the tenth consecutive month.
AIA's Architecture Billings Index (ABI) score for July 2018 was 50.7 compared to 51.3 in June 2018. Any score over 50 represents billings growth. While July's ABI shows that aggregate demand for architecture firm services continues to increase, much of that growth came from one region--the South.
"Billings at architecture firms in the South remained robust in July, offsetting declining billings in other regions of the country," said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. "Despite the dip in the overall ABI number in July, firms are still reporting a healthy increase in new projects."
Key ABI highlights for July 2018 include:
Regional averages: West (49.6), Midwest (49.3), South (55.2), Northeast (48.0)
Sector index breakdown: multi-family residential (54.6), institutional (51.1), commercial/industrial (50.1), mixed practice (48.2)
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.
According to the recently released CBRE U.S. Seniors Housing & Care Investor Survey, the appetite for senior housing acquisitions in the U.S. remains strong, with nearly two-thirds of investors planning to increase the size of their portfolios over the next 12 months.