Washington
“Very recently, the Midwest has been showing the best regional conditions,” said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. “But otherwise, these numbers are a continuation of weak conditions in the nonresidential construction sector. Given that inquiries for new project work have not seen much improvement, it’s likely we are several months away from a turnaround.”
Key June ABI highlights:
Regional averages: Midwest (51.8), South (49.9), Northeast (40.7), West (36.1) Sector index breakdown: institutional (51.6), commercial / industrial (45.8), mixed practice (44.1) multi-family residential (37.9)Project inquiries index: 51.8
About the AIA Architecture Billings Index
The Architecture Billings Index is derived from a monthly “Work-on-the-Boards” survey and produced by the AIA Economics & Market Research Group. Based on a comparison of data compiled since the survey’s inception in 1995 with figures from the Department of Commerce on Construction Put in Place, the findings amount to a leading economic indicator that provides an approximately nine to twelve month glimpse into the future of nonresidential construction activity. The diffusion indexes contained in the full report are derived from a monthly survey sent to a panel of AIA member-owned firms. Participants are asked whether their billings increased, decreased, or stayed the same in the month that just ended. According to the proportion of respondents choosing each option, a score is generated, which represents an index value for each month.
