Southern region reports decline in billings for the first time since June 2012
According to the American Institute of Architects (AIA), U.S. architecture firm billings growth softened in October 2018 but remained positive for the thirteenth consecutive month.
AIA's Architecture Billings Index (ABI) score for October was 50.4 compared to 51.1 in September. With continued strength in new project inquiries, billings are expected to remain steady into the coming months.
"The aftermath of this year's hurricanes and wildfires are the likely cause of the billings contraction we're seeing in the South and West regions," said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. "These natural disasters have clouded the health of design and construction activity, making it difficult to separate a temporary setback from a general slowdown in design activity."
Key ABI highlights for October include:
Regional averages: Midwest (57.8), Northeast (51.8), South (48.4), West (46.9)
Sector index breakdown: mixed practice (52.7), multi-family residential (52.3), institutional (52.0), commercial/industrial (48.9)
According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage in the U.S. dropped 10 basis points to 4.31 percent. Mortgage rates declined decisively this week amid various market reports.
According to CBRE's latest U.S. Data Center Trends Report, demand from large cloud users drove U.S. data center leasing to record levels in 2018, providing momentum for new construction in the sector this year.
According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates held steady in the last week of February, after declining for three consecutive weeks. Mortgage rates remained mostly unchanged this week.
According to the National Association of Realtors, existing-home sales in the U.S. experienced a dip for the third consecutive month in January 2019. Of the four major U.S. regions, only the Northeast saw an uptick in sales activity last month.
Join 34,000+ real estate professionals worldwide who receive our free weekly newsletter