The February Architecture Billings Index (ABI) posted a positive score of 50.7, showing a significant advance from January’s score of 49.5. February’s rise over the 50 mark signals the index’s return to a positive increase in billings. More specifically, the New Projects Inquiry Index climbed to 61.5, up slightly from a score of 60.0 in January.
“The sluggish start to the year in architecture firm billings should give way to stronger design activity as the year progresses,” said AIA Chief Economist Kermit Baker, Hon. AIA, Ph.D. “New project inquiries have been very strong through the first two months of the year, and in February new design contracts at architecture firms posted their largest monthly gain in over two years.”
The ABI, compiled each month by the American Institute of Architects (AIA), reflects the approximate nine to 12 month lead time between architecture billings and construction spending. It is considered a leading indicator of economic activity. Any score above 50 indicates an increase in billings.