The most recent AIA Architectural Billings Index (ABI) was released showing a continuing decline in architectural activity across all industry sectors and geographies.
"The decline in the May ABI score continues a year and a half of weakness in design billings at U.S. architecture firms. However, firms only reported modest declines over the first half of this period. Over the past nine months, volatility has increased, and scores have softened more significantly, with the May score the weakest reported since the end of the pandemic recession," wrote Kermit Baker, the AIA's Chief Economist.
Relatedly, the AIA notes that "architectural services employment continued to soften in April, the most recent data available, shedding an additional 100 positions. Industry employment now stands at 205,300, which is 3,000 below the most recent high point in July 2023."
Comments