Architecture firms reported a modest increase in March billings. This positive news was tempered by a slight decrease in new design contracts according to a new report released today from The American Institute of Architects (AIA). March was the first time since last September in which billings improved, according to the March 2023 AIA/Deltek Architecture Billings Index.
The billings score for March increased from 48.0 in February to 50.4 in March (any score above 50 indicates an increase in firm billings). However, firms reported that inquiries into new projects grew at a slower pace, while the value of new design contracts declined from 51.3 in February to 48.9 in March.
“In spite of the positive movement in architecture firm billings in March, core concerns remain., “said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. “Inflation still needs to ease further for interest rates to return to more normal levels, and the banking turmoil still threatens to hold back residential and commercial construction loans.”
Key ABI highlights for March include:
- Regional averages: Midwest (51.4); Northeast (49.1); South (47.4); West (47.2)
- Sector index breakdown: mixed practice (firms that do not have at least half of their billings in any one other category) (53.9); institutional (48.8); commercial/industrial (49.7); multi-family residential (44.2)
Related Stories
Giants 400 | Jan 23, 2024
Top 110 Medical Office Building Architecture Firms for 2023
SmithGroup, CannonDesign, E4H Environments for Health Architecture, and Perkins Eastman top BD+C's ranking of the nation's largest medical office building architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report.
Giants 400 | Jan 22, 2024
Top 100 Outpatient Facility Architecture Firms for 2023
HDR, CannonDesign, Stantec, Perkins&Will, and ZGF top BD+C's ranking of the nation's largest outpatient facility architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report. Note: This ranking includes design revenue for work related to outpatient medical buildings, including cancer centers, heart centers, urgent care facilities, and other medical centers.
Construction Costs | Jan 22, 2024
Construction material prices continue to normalize despite ongoing challenges
Gordian’s most recent Quarterly Construction Cost Insights Report for Q4 2023 describes an industry still attempting to recover from the impact of COVID. This was complicated by inflation, weather, and geopolitical factors that resulted in widespread pricing adjustments throughout the construction materials industries.
Transit Facilities | Jan 22, 2024
Top 40 Transit Facility Architecture Firms for 2023
Perkins&Will, HDR, Gensler, Skidmore, Owings & Merrill, and HNTB top BD+C's ranking of the nation's largest transit facility architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report. Note: This ranking includes design revenue for work related to bus terminals, rail terminals, and transit stations.
Hotel Facilities | Jan 22, 2024
U.S. hotel construction is booming, with a record-high 5,964 projects in the pipeline
The hotel construction pipeline hit record project counts at Q4, with the addition of 260 projects and 21,287 rooms over last quarter, according to Lodging Econometrics.
Modular Building | Jan 19, 2024
Virginia is first state to adopt ICC/MBI offsite construction standards
Virginia recently became the first state to adopt International Code Council/Modular Building Institute off-site construction standards.
Office Buildings | Jan 19, 2024
How to strengthen office design as employees return to work
Adam James, AIA, Senior Architect, Design Collaborative, shares office design tips for the increasingly dynamic workplace.
Modular Building | Jan 19, 2024
Building with shipping containers not as eco-friendly as it seems
With millions of shipping containers lying empty at ports around the world, it may seem like repurposing them to construct buildings would be a clear environmental winner. The reality of building with shipping containers is complicated, though, and in many cases isn’t a net-positive for the environment, critics charge, according to a report by NPR's Chloe Veltman.
Adaptive Reuse | Jan 18, 2024
Coca-Cola packaging warehouse transformed into mixed-use complex
The 250,000-sf structure is located along a now defunct railroad line that forms the footprint for the city’s multi-phase Beltline pedestrian/bike path that will eventually loop around the city.
Sponsored | BD+C University Course | Jan 17, 2024
Waterproofing deep foundations for new construction
This continuing education course, by Walter P Moore's Amos Chan, P.E., BECxP, CxA+BE, covers design considerations for below-grade waterproofing for new construction, the types of below-grade systems available, and specific concerns associated with waterproofing deep foundations.
