According to a new report from the American Institute of Architects, U.S. Architecture firm billings slowed in June 2018, but remained positive for the ninth consecutive month.
AIA's Architecture Billings Index (ABI) score for June was 51.3 compared to 52.8 in May; it remains positive since any score over 50 represents billings growth. As a result, June's ABI shows that demand for architecture firm services continues to improve across all sectors.
"Architects continue to see increases in demand for their services this summer, with new project work coming in at a healthy pace," said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. "However, business conditions are beginning to vary across the country. While essentially remaining flat in the Northeast and Midwest, billings jumped in the South while dropping in the West."
Key ABI highlights for June include:
Regional averages: West (46.9), Midwest (49.8), South (57.4), Northeast (50.2)
Sector index breakdown: multi-family residential (54.6), institutional (51.6), commercial/industrial (53.4), mixed practice (49.3)
According to new U.S. housing market research by Zillow, the combination of rising home prices and interest rates creates a doubly challenging environment for would-be home buyers, making monthly mortgage payments on even modestly priced homes more of a financial burden.
According to Freddie Mac's latest Primary Mortgage Market Survey for late August 2018, U.S. mortgage rates were marginally higher over the past week. Mortgage rates are showing a steadiness last seen in the fall of 2016.
According to the National Association of Realtors, existing-home sales subsided for the fourth straight month in July 2018 to their slowest pace in over two years. The West was the only major region with an increase in sales last month.