The American Institute of Architects (AIA) recently released the AIA/Deltek Architecture Billings Index® (ABI) for July. The score is 46.6, a dip from June.
Important to note, it reports on all architectural billings, not residential alone. Multifamily residential received a stronger score than overall at 48.4.
AIA announced that the slump in billings is the longest in the ABI’s history, now surpassing three and a half years.
“Macroeconomic uncertainty continues to weigh on the built environment,” said AIA Chief Economist Richard Branch. “High oil prices are putting upward pressure on inflation and may lead to even higher rates in the back half of the year. This will put additional pressure on developers and may lead to a further weakening in billings.”
