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)
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