Ending a 25-month run of positive AIA member firms' billings
According to a new data released this week today from The American Institute of Architects (AIA), following consistently increasing demand for design services for over two years, the Architecture Billings Index (ABI) dipped into negative territory in March 2019.
The ABI score for March was 47.8, down from 50.3 in February. Indicators of work in the pipeline, including inquiries into new projects and the value of new design contracts remained positive.
"Though billings haven't contracted in a while, it is important to note that it does follow on the heels of a particularly tough late winter period for much of the country," said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. "Many indicators of future work at firms still remain positive, although the pace of growth of design contracts has slowed in recent months."
Key ABI highlights for March include:
Regional averages: South (54.2), Midwest (48.7), West (47.2), Northeast (43.5)
Sector index breakdown: mixed practice (53.1), commercial/industrial (47.0), institutional (48.9), multi-family residential (47.7)
A total of 161,875 U.S. properties with a foreclosure filing during the first quarter of 2019, down 23 percent from the previous quarter and down 15 percent from a year ago to the lowest level since Q1 2008.
According to the latest National Association of Home Builders/Wells Fargo Housing Market Index, U.S. builder confidence in the market for newly-built single-family homes held steady at 62 in March 2019.
According to the U.S. Department of Housing and Urban Development, sales of newly built, single-family homes in the U.S. fell to a seasonally adjusted annual rate of 544,000 units in October 2018, after an upwardly revised September report.