Everyone’s favorite billings index is once again posting some impressive numbers just as winter loosens its cold grip and summer makes its long-awaited appearance.
As AN previously reported, the Architecture Billings Index (ABI) had a slow start this year, but jumped into positive territory in February with a score of 50.4. Now, the ABI is taking things even more seriously, scooting up to 51.7 in March. And if you’re looking for more good news, we’ve got it: the new projects inquiry index jumped from 56.6 to 58.2.
Want to talk regional and sector breakdown? Great, let’s talk regional and sector breakdowns. In March, the South was out front with a score of 54.5. It was followed by the Midwest at 51.0, the West at 50.4, and the Northeast at a very disappointing 45.8. By sector, it was institutional at 53.2, commercial/industrial at 53.0, multi-family residential at 49.7, and mixed practice at 46.2.
“Business conditions at architecture firms generally are quite healthy across the country. However, billings at firms in the Northeast were set back with the severe weather conditions, and this weakness is apparent in the March figures,” AIA Chief Economist Kermit Baker said in a statement. “The multi-family residential market has seen its first occurrence of back-to-back negative months for the first time since 2011, while the institutional and commercial sectors are both on solid footing.”