The Architectural Billings Index from the American Institute of Architects continued its upward momentum from October and entered positive territory in November, according to a Dec. 21 AIA release. The ABI reflects the approximate nine to twelve month lag time between architecture billings and construction spending, and any score above 50 indicates growth in billings. Billings in November reached 52, the first positive mark since August, following a score of 49.4 in October, according to the release.
"Hopefully, this uptick in billings is a sign that a recovery phase is in the works. However, given the volatility that we've seen nationally and internationally recently, we'll need to see several more months of positive readings before we'll have much confidence that the U.S. construction recession is ending," AIA Chief Economist Kermit Baker said in the release.
By region, the South lead billings with a score of 54.4, followed by the Midwest with a score of 50.9. The Northeast was 49.1 and the West 45.6. By sector, multifamily lead with a score of 55.8, followed by commercial/industrial at 53.9, institutional at 48.9, and mixed practice at 41.6, according to the release.
