Architecture firms are facing a decline in billings and softening business conditions, according to the AIA/Deltek Architecture Billings Index (ABI). This marks the 14th consecutive month of decreasing billings as firms continue to grapple with challenges such as inflation, supply chain disruptions, and other economic obstacles.
In March, the ABI score was 43.6, indicating a further decline in billings. Despite this, Kermit Baker, chief economist at AIA, mentioned that institutional design work has shown signs of stabilization. However, he stated that high interest rates and construction costs are discouraging new project activity within the industry.
The decline in billings was observed across all regions of the United States, with the Midwest and South experiencing the weakest business conditions in March. Firms specializing in different areas also reported a decrease in billings, with those focusing on commercial and industrial projects experiencing a sharper decline. For a visual representation of recent ABI scores, you can refer to the interactive graph below:
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