The October American Institute of Architecture's (AIA) Architectural Billings Index fell to 53.1, down slightly from the mark of 53.7 in September, according to Bill McBride of the Calculated Risk Blog,
While the score may have fallen, there was still optimism because the numbers reflect an increase in design services:
“Allowing for the possibility of occasional and minor backsliding, we expect healthy business conditions for the design and construction industry to persist moving into next year,said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. “One area of note is that the multi-family project sector has come around the last two months after trending down for the better part of the year.”
The index was created to reflect the approximate nine to twelve month lead time between architecture billings and construction spending.
To learn more about the latest ABI, head over to Calculated Risk Blog: