The American Institute of Architects monthly Architecture Billings Index came in at 46.6 in November, a 1.1-point decline from October's score of 47.7. The ABI is a leading economic indicator of construction activity in the U.S. and reflects a nine- to 12-month lead time between architecture billings and construction spending nationally, regionally, and by project type. A score above 50 represents an increase in billings from the previous month, while a score below 50 represents a contraction.

"The slowing in the index mirrors the broader economic slowdown," says Ali Wolf, the chief economist of ARCHITECT's parent company, Zonda. "Like many other parts of the economy, architects need to return to a place of selling their services versus just being order takers."

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