The American Institute of Architects (AIA) reported that the Architecture Billings Index (ABI) score for November was 50.6, essentially unchanged from the mark of 50.8 in the previous month. This score reflects another small increase in demand for design services, coming off a modest increase after two consecutive months of contraction. The new projects inquiry index was 59.5, up from a reading of 55.4 the previous month.
"Without many details of the policies proposed, it's still too early to tell the likely impact of the programs of the new administration," stated AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. "However, architects will be among the first to see what new construction projects materialize and what current ones get delayed or cancelled, so the coming months should tell us a lot about the future direction of the construction market."
Key November ABI Highlights
Regional averages: South (51.3), Midwest (50.9), Northeast (50.8), West (48.6)
Sector index breakdown: multi-family residential (51.7), mixed practice (51.3), commercial / industrial (50.4), institutional (49.5)
Project inquiries index: 59.5
Design contracts index: 50.2