The American Institute of Architects’ monthly Architecture Billings Index (ABI) posted a score of 51.4 in August. Since anything above 50 indicates significant increases in billings, this is good news for architects across the country. Even better news is a project inquiry index score of 56.9, which is a drastic improvement over July’s 53.7 positive rating. Kermit Baker, the chief economist for the AIA, says the good scores do not mean architects are on solid financial ground yet, but he’s hopeful that it means “we’ve reached the bottom of the down cycle.”
Although the overall score tops 50, individual practice sectors still hover around that golden turning point. Firms listing themselves as a mixed practice rated at 50.9, while those indicating their primary work as multifamily residential still show a decrease in billings at 44.8. Read the full August ABI release here.