Business conditions continue to reflect healthy construction market, says AIA
According to the American Institute of Architects, even with the uncertainty related to recently signed tax reform legislation that likely will have a mixed effect on the construction industry, design services at architecture firms remains in high demand.
To that end, the American Institute of Architects recently reported the November 2017 ABI score was 55.0, up from a score of 51.7 in the previous month. This score reflects an increase in design services provided by U.S. architecture firms (any score above 50 indicates an increase in billings). The new projects inquiry index was 61.1, up from a reading of 60.2 the previous month, while the new design contracts index rose slightly from 52.8 to 53.2.
"Not only are design billings overall seeing their strongest growth of the year, the strength is reflected in all major regions and construction sectors," said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. "The construction industry continues to show surprising momentum heading into 2018."
Key November 2017 ABI highlights:
Regional averages: West (54.8), Northeast (52.8), South (52.8), Midwest (50.4)
Sector index breakdown: multi-family residential (53.9), mixed practice (53.6), commercial / industrial (53.3), institutional (52.4)
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.
Zillow is reporting this week that a limited U.S. housing inventory and rapid price appreciation have kept sellers firmly in the driver's seat for several years as the United States recovered from the housing market collapse in 2008.